Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has identified provisions in deposit agreements used by some commercial banks that could restrict depositors’ rights to withdraw their own funds.
In particular, some agreements exempted banks from liability for the early return of deposits in cases involving mass unrest, rallies, street movements, robbery or insolvency beyond the bank’s control.
At the same time, current legislation gives depositors the right to demand the return of all or part of their funds regardless of the type of deposit. Contract terms that restrict consumer rights or contradict the law are considered invalid.
In response to the identified provisions, the Central Bank instructed commercial banks to conduct a comprehensive review of their existing bank deposit agreements.
Banks must identify any terms that restrict consumer rights or contradict the law and, where such provisions are found, remove them immediately.
The Central Bank said the approach is aimed at bringing the terms of deposit products into line with legislation, ensuring depositors’ right to withdraw their own funds and strengthening consumer protection in banking services.
