VTB: a person should not borrow more than s/he can repay
Archil Kontselidze, President of VTB Bank, considers it necessary to introduce a new regulation, according to which a loan might not be issues without income verification. “Regrettably, GDP is not high in Georgia and often times some citizens are over-credited. According to statistics, some people owe to 9 or 10 institutions. Regulation is necessary. There should be some control of incomes to prevent people from borrowing more than they can repay. Often there is not enough education on this; people take over too much risk, being too optimistic about their future. As far as know, over 300 thousand people are on black list and this is not normal”, - states Archil Kontselidze.
