Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan will limit deductions from customers’ bank cards to recover outstanding loan debts without their instructions, requiring banks to leave at least half the minimum monthly wage in their accounts after collection.
The changes have been introduced to the Regulation on Minimum Requirements for Commercial Banks’ Activities in Their Relations with Consumers of Banking Services.
The new rule applies to the collection of loan or guarantee-related payments without the customer’s instructions from all of their bank card accounts. In such cases, banks will be required to leave an amount equivalent to half the minimum monthly wage in the customer’s accounts.
Uzbekistan’s current minimum monthly wage is 1.36 million soums. Under the new rule, at least 680,000 soums must therefore remain in customers’ bank card accounts after the deductions.
The amendments will take effect in three months.
