Tashkent, Uzbekistan (UzDaily.com) —  The Committee for Competition Development and Consumer Rights Protection of Uzbekistan has imposed a fine on INVEST FINANS BANK for violating advertising laws.

Following an investigation, the Committee found that the advertisement for the bank’s credit services contained misleading information for consumers.

Specifically, LED screens in Tashkent displayed an advertisement stating: “50,000,000 without guarantors, no interest for 50 days, for 5 years, for vacation, for repairs, for equipment.”

However, upon checking the bank’s official website, it was revealed that the loan is only available through the INFIN BLACK credit card, for an amount up to 50 million soums, with a term of up to 60 months and an annual interest rate of 23.99%.

It was also noted that the commission for cash withdrawals from the card is 2%, while card-to-card transfers incur a 1% fee. Interest rates vary from 25.55% to 54.75%.

The external advertisement did not include additional conditions or important information regarding the loan.

The Committee’s special commission decided to initiate a case against INVEST FINANS BANK for violations outlined in the laws "On Advertising" and "On Consumer Protection."

As a result, a financial penalty was imposed on the bank. Additionally, the bank was instructed to rectify the violations and prevent their recurrence in the future.