The National Bank of Georgia (NBG) decided to ban the advertising of loans secured by pensions without the individual consent of pensioners. In addition, the amendment will apply to those pensioners whose sole income is pension and/or other state social allowance.
By the new decision of the NBG, commercial banks will not be able to advertise pension-secured loans, i.e. share content that would offer a loan to customers secured by pension or other social payments.
The proposed amendment aims to protect socially vulnerable groups from uninformed decision-making and debt burden. I will contribute to the formation of an environment favourable to consumers and will introduce a high standard of protecting their rights.