Nine banks in Uzbekistan were fined for various infractions, including failure to adhere to economic standards set by the Central Bank and other regulatory breaches, press service of the bank disclosed on May 8.
In April, the Banking Supervision Committee of the Central Bank of Uzbekistan convened several crucial meetings, addressing a total of 49 issues pertaining to the nation's banking sector.
Among the issues deliberated during these meetings, 34 were related to registration and permits. Notably, discussions centered on amendments to the charters of credit organizations, with nine instances under consideration. Additionally, the committee deliberated on granting permits for ownership of shares in the authorized capital, with three cases brought forward.
Furthermore, discussions included matters regarding the inclusion of entities in the register of microfinance organizations, re-registration of licenses for microfinance organizations, issuance of qualification certificates to auditors, and appointments of key personnel in commercial banks, with a total of 13 issues addressed in this category.
Crucially, the committee also focused on ensuring compliance with the instructions and prudential standards set forth by the Central Bank within both banks and payment organizations. Fifteen cases were reviewed, examining adherence to regulatory directives and the outcomes of inspections conducted within banks and microfinance organizations.
Subsequently, based on the findings of these inspections, 16 banks and 2 microfinance organizations were cautioned about potential sanctions for identified violations.
Furthermore, the committee took action against non-compliance with statutory regulations by imposing restrictions on the operations of four banks due to discrepancies in their authorized capital, as stipulated by the Law "On Banks and Banking Activities."
Additionally, fines were levied against nine banks for violations ranging from non-compliance with economic standards established by the Central Bank to other regulatory infringements.
Central to the committee's mandate is the maintenance of banking system stability and the protection of depositor and investor rights. In this vein, the committee is tasked with rectifying deficiencies identified within commercial banks and microfinance organizations, developing appropriate corrective measures, and ensuring compliance with prudential regulations. To this end, the committee issued directives aimed at addressing existing weaknesses in banking activities and improving overall financial conditions within the sector.
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