The Central Bank has amended the regulations on the management of credit risks in banks.
According to the new decision, citizens will be able to apply to banks to prohibit the remote conclusion of consumer loan agreements or the online increase of credit limits. This restriction will only be lifted based on an application made by the customer through physical presence, an enhanced electronic signature, or enhanced authentication.
According to the rules, banks must check whether a customer has applied such a restriction through both their own information systems and credit bureaus when processing an online loan or credit limit increase. If the restriction exists, remote loan processing will not be possible.
Furthermore, if an online loan application is received on behalf of a person who has imposed such a restriction, the bank will immediately notify the customer via SMS or mobile application.
According to the new requirements, remotely issued loan funds will not be transferred immediately. If the amount issued or increased during the day is up to twice the minimum wage, the funds will be provided after 2 hours, and if it exceeds this limit, they will be provided after 24 hours.
According to the decision, non-bank credit organizations must also comply with these rules.
The changes adopted by the Central Bank on April 28 will come into force on October 1.