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Banking services standards to be employed in Azerbaijan

28 November 2012 13:04 (UTC +04:00)

Baku. Ali Ahmedov – APA-Economics. Azerbaijan plans to develop various standards to increase quality of banking service and protect consumer rights, said the head of Control over Credit Organizations department, group for protecting the rights of bank service consumers Elshan Karimov at the seminar on consumer rights in financial sector.

He says several news are planned in acts plan developed by Central Bank of Azerbaijan for protection of consumer rights in banking sector. So, the plan covers improvement of law regulatory system, development of various standards to increase the quality of banking services.

According to plan, the banks will have to define the significant conditions on banking services and present them to the clients prior to signing of contract. Besides, banks will have to use standard agreements on all types of consumption loans. According to plan, the banks will have to present products meeting the clients who apply to bank.

At the same time, name of Central Bank of Azerbaijan will noted as a controlling agency in the information on banking service for public.