Ipoteka Bank fined for misleading interest rate advertisement

A special commission from the Competition Promotion and Consumer Protection Committee fined Ipoteka Bank for misleading advertisement.

During an inspection, it was found that the bank's Instagram page advertised an annual interest rate of 26% for the Super deposit. However, under the deposit's conditions, cash deposited through the cashier is subject to a 26% rate only for the first three months and 14% for the subsequent three months. This information was not disclosed in the advertisement.

The committee stated that such advertising could be misleading. The amount of the fine imposed on the bank was not specified. The committee's press service, in response to a request from Kun.uz, indicated that announcing the fine amount within the case was not advisable and that the fine would be applied in accordance with the law.

Earlier, Kun.uz reported that the committee had fined the supermarket chain Korzinka for misleading advertisement. The chain was ordered to correct all violations within one month.