Document from CIS Legislation database © 2003-2023 SojuzPravoInform LLC

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of February 13, 2002 No. 8/6

About the Rules "About Crediting (Overdraft) on Bank Payment Cards"

(as amended on 15-06-2017)

Having considered the draft of the Rules "About Crediting (Overdraft) on Bank Payment Cards", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Rules "About Crediting (Overdraft) on Bank Payment Cards" and enact them from the moment of signing.

2. Determine that the amount of the loan (overdraft) granted on payment card within the salary project, shall not exceed the size of monthly salary of the employee of the organization, the client of bank.

3. To management of methodology of supervision and licensing of National Bank of the Kyrgyz Republic to bring this resolution to the attention of commercial banks, OJSC RSK and other financial credit institutes, the licensed NBKR, structural divisions and regional (regional) managements of NBKR.

4. To impose control of execution of this resolution on Sharshekeeva K. Sh., vice-chairman of National Bank of the Kyrgyz Republic.

Deputy Chairman of the board Acting Chairman

Abdumanapov E. S.

Approved by the Resolution of Board of National Bank of the Kyrgyz Republic of February 13, 2002 No. 8/6

Rules about crediting (overdraft) on bank payment cards

I. General provisions

1.1. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 15.06.2017 No. 2017-P-12/25-12

1.2. Rules establish procedure and procedure for granting of short-term loan (overdraft) to physical persons on bank payment cards the commercial banks and financial credit institutions licensed by National Bank (further - banks).

1.3. In bank internal procedures of provision of the overdraft on payment cards shall be developed. In case of development of internal procedures about overdraft crediting, the bank needs to be guided by the legislation of the Kyrgyz Republic, regulatory legal acts of National Bank.

1.4. The overdraft is provided for completion of temporary lack of money on the customer account on the terms of the paid nature, urgency and recoverability. The overdraft is provided based on the agreement signed by bank and the client.

1.5. The maximum amount, provision term, interest rate, procedure for obtaining and loan repayment in the form of the overdraft are determined by bank independently and make a reservation the contract between bank and the client.

II. The used terms

2.1. The client - physical person, the employee of the organization who signed with bank the contract for provision of credit line on bank payment cards within the salary project.

2.2. The organization - the legal entity who signed with bank the contract for money transfer of the employees on their personal maps accounts and the contract of the Organization with bank for provision of credit lines for payment cards of employees within the salary project (further - the Contract of the Organization for provision of the Credit line).

2.3. Personal maps accounts - the account opened for cash flow and payment card transactions.

2.4. The Personal Card Credit Account (PCCA) - the off-balance account of the client in bank opened according to the agreement of bank and the client on provision of credit line.

2.5. Bank payment card - the card intended for payment of goods, works and services, carrying out other payments and also for receipt of cash with personal maps accounts via terminals or other devices.

2.6. The overdraft - form of short-term loan which provision gives the chance to the client to make payments over the amount which is available on the current account within the amount and on the conditions stipulated in the contract between bank and the client.

2.7. Limit of the actual debt - limiting credit amount (overdraft) which can be provided on maps customer account according to the agreement.

2.8. Credit line - the obligation of bank on provision of the overdraft on payment cards within the salary project on the conditions and terms determined by the contract between bank and the client.

III. Procedure for provision of the overdraft

3.1. The organization within the salary project signs with bank the contract on money transfer for the special account of the organization in bank for subsequent distribution on personal maps accounts of employees.

3.2. The organization signs the additional Contract of the Organization with bank for provision of credit lines to the employees on payment cards within the salary project.

3.3. The employee who is the client for receipt of right to use by the overdraft signs with bank the Contract of the Client for provision of the Credit line on payment cards.

3.4. In case of the conclusion of the Contract of the client with bank for provision of credit line there are civil relations in case of which the bank acts as the creditor, and the employee - the borrower.

3.5. For the purpose of risk minimization by provision of the overdraft credit, the bank needs to provide in the regulating documents regulation of actions of personnel, procedure for document flow, both accounting, and legal and to develop standard document forms according to requirements of National Bank.

3.6. The credit agreement signed by bank and the client means the right, but not obligation of the borrower to obtain the credits. The borrower can not use the overdraft.

3.7. In case of the conclusion of the Contract of the Client with bank about provision of credit line, the bank has contingent obligation on provision of the overdraft on the amount of limit of the actual debt. The bank needs to create the Reserve on contingent obligations according to regulating documents of National Bank.

3.8. The overdraft loan is granted in case of lack of money on maps customer account and within limit of the actual debt.

3.9. In case of insufficiency of means of the client for carrying out the next payment, the bank originally writes off balance with personal maps accounts, and then reduces the amount of off-balance obligations by the amount of missing money that leads to emergence on balance of bank of the credit bill on the amount of the given overdraft.

3.10. In case of receipt of funds on personal card customer account, bank according to terms of the contract with the client, repays the debt on the overdraft and interest for using the overdraft in indisputable procedure.

3.11. The bank shall make classification of the credits of this category, create the Reserve on covering of potential losses and losses on the granted overdraft loans according to regulating documents of National Bank. Account of the overdraft credit is kept according to Policy of accounting of the credits in banks and financial credit institutions of the Kyrgyz Republic.

3.12. In case of early contract cancelation, dismissal or reducing the employee, the organization, according to the agreement, shall inform bank of the termination of salary payment to the employee.

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