Watchdog’s fines under included 10 types of complaints
Turkey’s Banking Regulation and Supervision Agency (BDDK) fined more than 20 banks and financial institutions $48 million (TL330 million) for carrying out transactions against its orders during the outbreak of COVID-19.
The BDDK said the fines were handed over after examining the complaints by individual and commercial customers conveyed to the institution during the period of battling the COVID-19 outbreak, announced Daily Sabah.
Since the beginning of May, the BDDK announced four rounds of fines. On May 15, a total of a $2.84 million in fines were handed over to 15 banks and later on, 18 banks were fined TL 102.1 million on May 29.
10 types of complaints
The banking watchdog said on June 9 that seven banks were slapped with TL 204.7 million fine. Finally, on June 28 the BDDK said 16 financial institutions were fined a total of TL 2.1 million for violation of instructions.
Sources at BDDK told that most of the violations were categorized under 10 complaints. The most common violation was banks’ refusal to restructure debts or offer repayment flexibility to individuals, who have either lost their jobs or incurred large financial losses due to the COVID-19. Banks were also fined for not allowing customers to use previously given credit limits without justifiable reasons.
P.S: Turkish Lira fluctuates against USD ($1 is 6.85 TL)
Would you like to support TR Technews?
I’m running Turkishtechnews.com, a website on tech developments from Turkey. I will be covering subjects ranging from startups to gadgets, digital economy to social media. I’m keen on new technologies as well. On top of those, I’m interested in drama and cinema, with one short and one long film script and three plays. Holding a B.A degree in English Language and Literature, I’m a tech journalist with 15 years of experience.
The reason why I’m here is to produce good quality journalism and try to remain independent as much as possible. Currently, journalism is torn between vague relationships between brands and journalists, not only in Turkey but also globally. Under such circumstances to remain independent is crucial and I need your support to do so.