Uzbekistan’s Central Bank Limits Online Loans
Economy
Uzbekistan introduces new online lending rules: each citizen can now take only one online loan per day from a single credit institution. The measure aims to protect people from fraud and unauthorized loans.
The Central Bank of Uzbekistan has registered a new regulation limiting online loans to one per credit institution per day. The rule will come into effect in three months.
When applying for an online loan, banks must first check the applicant against the registry of individuals prohibited from signing credit agreements. Then, lenders send an extended inquiry to credit bureaus to assess debt load and repayment capacity, including the applicant’s PINFL, loan amount, term, purpose, interest rate, and currency.
If a citizen submits applications to multiple institutions simultaneously, the credit bureau considers only the first request. Other banks are notified that new requests cannot be accepted for 24 hours.
After making a decision, the bank must notify the user via SMS and push notification, indicating current debt and the full cost of the loan. The user can either proceed with the application or cancel it.
Before transferring funds, the borrower undergoes remote biometric identification. All information about loan issuance or denial is transmitted to credit bureaus in real time.
Additionally, banks and payment systems must implement a “Report Fraud” section in mobile apps, introduce cybersecurity measures including facial recognition, card removal when logging in from a new device, app blocking during calls, and active session monitoring.
Fraudulent loans taken in someone’s name will no longer be collected from citizens, and interest stops accruing once the individual is recognized as a victim in a criminal case.
When applying for an online loan, banks must first check the applicant against the registry of individuals prohibited from signing credit agreements. Then, lenders send an extended inquiry to credit bureaus to assess debt load and repayment capacity, including the applicant’s PINFL, loan amount, term, purpose, interest rate, and currency.
If a citizen submits applications to multiple institutions simultaneously, the credit bureau considers only the first request. Other banks are notified that new requests cannot be accepted for 24 hours.
After making a decision, the bank must notify the user via SMS and push notification, indicating current debt and the full cost of the loan. The user can either proceed with the application or cancel it.
Before transferring funds, the borrower undergoes remote biometric identification. All information about loan issuance or denial is transmitted to credit bureaus in real time.
Additionally, banks and payment systems must implement a “Report Fraud” section in mobile apps, introduce cybersecurity measures including facial recognition, card removal when logging in from a new device, app blocking during calls, and active session monitoring.
Fraudulent loans taken in someone’s name will no longer be collected from citizens, and interest stops accruing once the individual is recognized as a victim in a criminal case.
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