Regulations for Georgia’s commercial banks postponed until November 15
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The regulations, set by the NBG for commercial banks, aimed to protect consumer rights and bolster healthy credit portfolios at commercial banks. Photo: N.Alavidze/Agenda.ge.
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New regulations on responsible lending practices that were supposed to come into force on November 1, 2018 have been postponed.
The National Bank of Georgia (NBG) announced that this process will be postponed “just by several days” and the regulations will be activated “no later than November 15” of the current year.
The regulations, set by the NBG for commercial banks, aimed to protect consumer rights and bolster healthy credit portfolios at commercial banks.
The new regulations mainly concerned the rule of issuance of loans to physical persons (mortgage, consumer credits, etc).y.
“Due to the fact that the document has been changed several times, the renewed document will be delivered to the financial organisations in the shortest period of time. The financial organisations have been given a few more days to get to know the new version of the document and to adjust the process to the principles of the regulations”, read the statement of the NBG.
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What’s changing?
The National Bank of Georgia (NBG) has approved changes to lending regulations to individuals that will come into force on April 15, 2020.