Tashkent, Uzbekistan (UzDaily.com) — The Competition Development and Consumer Protection Committee of Uzbekistan has fined Universalbank for violations found in its deposit advertising campaign, according to a statement from the agency.

According to the agency’s findings, the bank advertised a deposit called "Sarmoya 25" as offering an annual interest rate of 25%.

However, the bank’s official website stated that the actual rate was 22% per annum for a deposit term of 18 months. The advertisement also lacked important details, such as the minimum deposit amount and other deposit conditions.

The Committee’s special commission initiated a case against Universalbank for violating the "Advertising" and "Consumer Protection" laws.

The committee has also ordered the bank to rectify the violations and to prevent such issues in the future.