Tashkent, Uzbekistan (UzDaily.com) -- A group of experts of the World Bank is carrying out an expert examination of the draft law “On banks and banking activity”, developed by the Central Bank of Uzbekistan, the press service of the regulator said in a statement.

The development of the law “On Banks and Banking” in a new edition was initiated taking into account the key importance of a strong and efficient banking sector in ensuring economic growth in a rapidly growing market, and also based on the global trend to increase the role and importance of regulators in ensuring the stability of the banking system.

In particular, the draft law envisages improvement of prudential banking supervision, which will include the authority of the Central Bank to apply reasoned judgment, as well as early response measures in the implementation of risk-based supervision.

The draft law also stipulates establishment of increased requirements for the level of competence and business reputation of shareholders, members of supervisory boards and executive management.

The draft law also aims at significantly expanding the availability of banking products, in connection with which banks will be granted the right to outsource - provision of certain types of banking services through agents. At the same time, special attention is paid to stimulating the development of financial technologies in banks and ensuring information security.

In general, the draft law is designed to ensure a balance between creation of conditions for the accelerated development of banking services in conjunction with implementation of adequate risk management of related risks.