Tashkent, Uzbekistan (UzDaily.com) -- On 20-21 November, the Central Bank under the Corporate Center for Retraining Banking Specialists held a discussion on optimizing the processes for providing a number of banking services, the Central Bank press service reports.

In accordance with the new version of the adopted Law of the Republic of Uzbekistan “On Banks and Banking Activities”, the Central Bank, a decision was made on a phased transition to risk-based supervision of banks. In order to improve and increase the efficiency of banks, the Central Bank will gradually move away from the practice of micro-banking regulation by introducing optimized procedures for the implementation of certain types of banking operations (credit, cash and deposit) and revising the calculation procedure for a number of prudential standards.

In particular, a legal framework is being created to stimulate banks to invest in the development of modern banking IT technologies, expanding their capabilities for automating business processes and allowing increasing the range of banking services provided.

In terms of granting loans, the practice of regulating lending processes with the establishment of certain risk management requirements is canceled.

Also, a simplified procedure for conducting deposit operations is being introduced for banks that have established a risk prevention system.

Along with this, a number of prudential standards are brought into line with international standards and recommendations of Basel 3.

The functionality of front office workers is expanding by providing the ability to provide all types of basic banking services with one employee (universal banking services operators).

The proposed measures will serve to reduce the time-consuming process of banking services, simplify unnecessary paperwork, as well as expand the availability of banking services.

In turn, the simplification of the mechanisms for the provision of banking services implies the strengthening of the risk management system by banks, including monitoring of operational risks, therefore, increasing the responsibility of banks in managing risks.

It should be noted that measures to optimize banking services are the subject of priority transformations for the transition to a modern customer-oriented banking business model. The Central Bank will continue to study international experience and best international practices, and also expresses its readiness to consider proposals from commercial banks to further simplify banking services.

At the same time, the Central Bank, moving away from micro-regulation, will strengthen the regulatory framework for regulating relations between banks and customers in order to protect the rights and legitimate interests of consumers of banking services.