Uzbek Central Bank reveals violations among microcredit firms
Uzbek Central Bank reveals violations among microcredit firms
The Consumer Protection Service under the Central Bank of Uzbekistan has studied the activities of a number of microcredit organizations. It studied their compliance with the minimum requirements when interacting with consumers of financial services.
The study has revealed such violations as:
- accrual of the amount of interest for the year on the issued microloans in the amount of more than half of the amount of the issued debt;
- excessively accrued interest on loans as a result of late accounting of payments actually made by borrowers;
-the established norm of the indicator of the debt burden of individuals on microloans issued to borrowers in the amount of more than 50 times the basic calculated value has been exceeded;
- interest is accrued in an amount exceeding the daily rate established by the current legislation.
All microcredit organizations that have been studied have been given appropriate instructions by the Central Bank to identify, resolve and take measures to prevent such shortcomings in their activities in the future.
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