The Competition Committee has announced an investigation into Invest Finance Bank (Infinbank) regarding violations in advertising.
The promotional material displayed on several LED screens in Tashkent offered loans of up to 50 million sums for a term of up to 5 years. It was noted that the funds could be used for vacations, repairs, or purchasing equipment with an interest-free period of up to 50 days.
Furthermore, Infinbank's website specifies that this loan is available only to holders of Infin Black credit cards. The interest rate applicable after the interest-free period starts at 25.55% and can reach up to 54.75%.
Additionally, a 2% fee is charged for cash withdrawals, while transfers to other cards incur a 1% fee. The interest-free period does not apply to the amount withdrawn or transferred, and interest is charged according to standard procedures.
The special commission of the Committee found Infinbank guilty of violating the laws "On Advertising" and "On Consumer Rights Protection." The Committee decided to impose a fine on the financial institution and issued a directive requiring the cessation of violations.
Between July and August, the Committee fined five banks for violations of the "On Advertising" law. In the cases of "Ipoteka-bank," "Ipak Yuli," AVO bank, and Universalbank, the reason was the failure to include important information about the services in the advertisements.
Two additional fines were issued in October when the authority detected violations in advertising materials regarding microloans from Hamkorbank and Davr Bank.
Earlier, Spot reported that the Competition Committee secured the return of 100 million sums from marketplaces.