Theory of economics

References

INTRODUCTION

Further reforms of the banking system in the development of the economy, increasing the stability of the banking system, increasing the confidence of the population and foreign investors in the banking system, wide application of information and communication and technology in the banking system, increasing the type of banking services provided and the quality of services at the required level are one of issues.

It would not be an exaggeration to say that after the independence of our republic there were significant large-scale changes in the banking system. In 1991, a number of banks began to develop in the Republic of Uzbekistan. At a new stage of the economy, Uzbekistan began to adopt modern methods of work, becoming increasingly systematic. 1991-1992 was a new Turning year for banks and their activities. The adoption of the law of the Republic of Uzbekistan “on banks and banking activities” served as the basis for the establishment of a two-level banking system and the assignment of a number of new tasks to the Central Bank of the country. At the time of these changes, the tasks of regulating the circulation of money, the development of the system of commercial banks and the payment system were defined. Financing of economic sectors should have been practically carried out by specialized commercial banks operating on newly established, modern principles and conditions.

In 1996, the law of the Republic of Uzbekistan “on banks and banking activities” concerted the legal basis of the activity of secondary banks, that is, commercial banks. It should be noted that two important documents on the banking system – “on the Central Bank of the Republic of Uzbekistan and “ on banks and banking activities” - take into account the experience of countries with developed financial systems in the development of the laws of the Republic of Uzbekistan. These laws, as well as the law ” on the protection of the rights of Axiom societies and axioms", created legal conditions for the organization of non –state banks in the form of shares and private-commercial. During this period, it is possible to distinguish two factors that have had a special impact on the development of the banking system. The first is the Central Bank of the Republic of Uzbekistan in 1996 became the legal body of monetary management and banking supervision. Second, the law of the Republic of Uzbekistan “on the correctness of banks and banking activities” carefully determined the legal basis of the activity of the second - level banking system-commercial banks.

Currently, commercial banks occupy the main place in the banking system of the Republic. The reason is that the demand for the services of commercial banks in the market economy is growing steadily. Commercial banks as the main direction in the development process, are focusing their attention on making banking services and products more qualitative and more convenient.

In particular, by the end of 2017, the volume of services provided by commercial banks increased by 1.3 times compared to 2016, their share in the financial services sector reached 88 percent.

President of the Republic of Uzbekistan In the decision of SH Mirziyoyev № PP - 3620 “on additional measures to further increase the popularity of banking services” on March 23, the banks have been determined to take a decision on granting loans from July 1.

The scale of development of customer demand in the field of innovations in banking services is determined on the basis of modern banking technologies.

The decline in banking infrastructure in our country leads to a competitive environment among banks, which in turn demonstrates the further development of the type and quality of services of banks.

Our President In the decree of SH Mirziyoyev № PF-4947 “on the strategy of actions for the further development of the Republic of Uzbekistan” on February 7, 2017, it was precisely those who gave important instructions for the purpose of reforming the banking system. In these instructions, the following directions are prescribed:

- To further deepen the reform of the banking system and ensure its stability, increase the banks ' capital and deposit base, strengthen their financial stability and reliability, further expand the lending of investment projects, small business and private entrepreneurship;

- The introduction of modern methods and measures to regulate banking activities, elimination of problems hindering their useful activities;

- Measures to improve banking activity for 2018-2019, including:

- To support the level of adequacy and liquidity of the bank's funds, i.e. commercial banks, in accordance with the requirements of the Bank's Basel II;

- To further increase the efficiency of Management in commercial banks on the basis of management and Banking Risk System and practices in the banking system of foreign countries;

- To prevent administrative interference of state authorities in the activities of commercial banks, at the same time, credit policy, as well as to prevent similar activities;

- Increase the capital of commercial banks, regularly increase the loan portfolio and further improve its quality, financial support of investment projects, as well as further increase the scope of lending to small business and private entrepreneurship;

- Development and introduction of Program projects that provide for the implementation of measures to exclude duties and liabilities are not specific to banks.

In the conditions of modernization of the economy it is obligatory to carry out systematic measures to deepen the reform of the banking system, increase the stability, increases the confidence of the population and foreign investors in the banking system, broad application of information and communication technologies, increase the type and scope of banking services. In this regard, special attention is paid to the development of modern types of services such as internet, mobile communication, video telephony system, digital television leasing, insurance, audit and others.

The main factor of the emergence of modern information technologies, new products of banking services by the banks by diversifying their activities by developing retail services in commercial banks, expanding the scope of services provided to customers, is the creation of conditions for the development of banking services market.

In conclusion, the existence of actual problems on improving the services rendered by commercial banks in Uzbekistan, as well as the importance of developing ways to solve them, determines the relevance of the research topic.