Central Bank instructs banks to revise contracts, infringing the rights of customers

Tashkent, Uzbekistan (UzDaily.com) -- Based on the results of a study of contracts concluded between commercial banks and their clients, cases were revealed in the contracts that provide banks with the right to unilaterally change the interest rates on loans issued and attracted deposits, as well as commissions for its services - which is a violation of consumer rights. This was stated by the Central Bank of Uzbekistan.

In order to eliminate and prevent such incidents, the Central Bank sent a corresponding indication to all commercial banks.

 “If there are conditions in your loan or deposit agreement, which envisage a unilateral change in the bank’s interest rates on loans and deposits, as well as fees for banking services, you can contact a serving commercial bank to cancel these conditions,” the regulator said.

“In case of any problems regarding the revision of the terms of the contract, when contacting the bank, you can contact the Central Bank’s Consumer Protection Service in writing or by calling the (71) 200-00-44 number of the multichannel hotline,” the Central Bank said.

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