Turkmenistan’s State Bank Introduces Owerdraft Card

BUSINESS TURKMENISTAN
Turkmenistan’s State Bank Introduces Owerdraft Card
Türkmenistan SCB introduced a new bank card called Owerdraft karty, with the help of which holders of Altyn Asyr bank card can receive a short-term loan from the bank.

Turkmenistan is actively introducing digital technologies into the country's banking system. Digital reforms contribute to the expansion of banking services and the capabilities of the national payment system, as well as increase the competitiveness of national banks.

Türkmenistan State Commercial Bank introduced a new bank card called Owerdraft karty, with the help of which holders of Altyn Asyr bank card can receive a short-term loan from the bank, Türkmenistan newspaper reported last Thursday.

In case of a shortage of funds on the client's account for non-cash payments, the overdraft service allows to credit the client's account within the established limits in accordance with the agreement with the credit institution.

Thus, upon receipt of funds to the client's Altyn Asyr card, the loan is returned in the prescribed manner.

The return of the loan during the validity period of the agreement allows to use the loan again without drawing up an additional agreement.

During the first nine months of 2020, the number of non-cash payments made in Turkmenistan using ATMs, terminals, Internet banking services, mobile banking and e-commerce systems increased 2.86 times compared to the same period last year.