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Daily News: Business
December 29, 2017


NBG FINED SEVERAL MICROFINANCIAL ORGANIZATIONS AND COMMERCIAL BANK BECAUSE OF CONSUMER RIGHTS’ VIOLATION

National Bank of Georgia (NBG) declared that because of violation of requirements on consumer protection and protracted reactions on clients’ claims, 5 microfinancial organizations and one commercial bank (are not named) are fined.

NBG specified that during inspection at one of the microfinancial organizations, interest rates and penalties were revealed, which exceed set limits (effective interest rate of 100% and penalty of 150% annually).

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