Invest Finance Bank has been fined for misleading advertising.

Uzbekistan, Tashkent – According to AN Podrobno.uz, the Committee for the Development of Competition and Consumer Rights has imposed a fine on Invest Finance Bank for providing consumers with inaccurate information regarding loan terms, reports a correspondent from Podrobno.uz.

https://podrobno.uz/cat/economic/za-vvodyashchuyu-v-zabluzhdenie-reklamu-oshtrafovan-invest-finance-bank/2024-11-05 08:12:33

During the inspection, it was found that the bank had placed advertisements on LED screens in various areas of Tashkent with the text: "50,000,000 sums without guarantors, 50 days without interest, for 5 years, for leisure, for repairs, for equipment."

However, upon reviewing the bank's official website, it became clear that such conditions apply only to the Infin black credit card, which offers a limit of up to 50 million sums for a term of up to 60 months at an annual interest rate of 23.99%.

Additionally, the fee for cash withdrawals is 2%, for transfers from card to card — 1%, and the interest rate ranges from 25.55% to 54.75% per annum. These conditions were not mentioned in the outdoor advertising.

Due to violations of the laws "On Advertising" and "On Consumer Rights Protection," the Competition Development Committee decided to impose a fine on the bank and ordered the rectification of the violations, also requiring measures to prevent similar situations in the future.

It is worth noting that the Competition Committee previously held Davr Bank accountable for advertising materials that lacked important information about loans.