The Competition Committee fined Agrobank for misleading advertising of microloans
Tashkent, Uzbekistan (UzDaily.com) — The Competition Committee has initiated a case against Agrobank for violating advertising legislation, the agency’s press service reported.
During routine monitoring of advertising content in the media and social networks, the regulatory authority identified materials in which the bank promoted downloading the Agrobank Mobile app and applying for a microloan of up to 100 million soms without leaving home, "for your big plans."
However, the committee noted that the advertisement lacked mandatory information about key terms of the financial services offered—such as the interest rate, loan term, and other important conditions—contradicting the requirements of Article 43 of the Law "On Advertising." This presentation of information was deemed likely to mislead consumers.
Following the review, a special commission found the bank’s actions to violate the law, imposed a monetary fine, and issued an order to correct the identified violations with a binding obligation to prevent similar incidents in the future.