Procedure for disclosing information about banking services

Procedure for disclosing information about banking services

According to clause 7, chapter 3 of Instruction No. 241 of the National Bank of Tajikistan "On the procedure for disclosing information about banking services to consumers of financial credit organizations," before concluding a service provision agreement, the credit financial organization is required to:

• Explain to the consumer the essence and main conditions of the specific service they are interested in;

• Inform the consumer about the total amount of all payments related to the provision of the requested service;

• Clarify to the consumer the procedure for service provision, the process, and the terms for reviewing applications arising from the agreement;

• Inform the consumer about their obligations, taking into account possible enforcement measures that the credit financial organization may apply in case of non-fulfillment of obligations (penalties or any other measures that may worsen the consumer's financial situation) as stipulated in the agreement;

• Notify the consumer about the form, frequency, and deadlines for providing information (statements, notifications) after signing the agreement;

• Before concluding the agreement, provide the consumer with the opportunity and sufficient time to familiarize themselves with its terms;

• If the service conditions require the use of additional services provided by a third party, offer the consumer the option to choose such a third party.