The National Bank of Georgia (NBG) has imposed a 3.5 million GEL fine on Bank of Georgia, marking the largest financial penalty levied against a commercial bank in the country this year.
The sanction is related to violations of the fifth article of the regulation on lending to individuals, which sets obligations for verifying a client’s income before approving loans.
According to the NBG, the fine was issued under the authority of the 2009 regulation on imposing fines on commercial banks and their administrators, as well as the 2020 decree on individual lending requirements. The penalty addresses specific breaches of these regulations.
This action underscores the central bank’s strict supervision of commercial banking practices, particularly regarding compliance with income verification and responsible lending standards.
