MP Decries Unauthorized Bank Ad

MP Decries Unauthorized Bank AdMP Decries Unauthorized Bank Ad

A MP from the town of Robat Karim in Tehran Province has criticized the Tehran Municipality (TM) for installing billboards along highways that reportedly advertise an unauthorized bank.

Such a measure invites public criticism since people “are sensitive about unauthorized financial institutions,” said lawmaker Ebrahim Nekou, reports ICANA news agency (affiliated to Majlis).

While the civic body expects the people and government agencies to respect the regulations it devises, the municipality itself breaks the law, he lamented.  However, it needs to be investigated whether the municipal act (advertising for unauthorized banks and credit institutions) is against the law, he said, calling on the TM to explain the deed and clarify its stance.

Nekou, who is also member of the Majlis economic commission called on the municipality to avoid provoking people’s sentiments, as the operation of unauthorized financial institutions across the country has raised doubts among financial decision makers.

Last October, the Central Bank of Iran released a list of the banks and financial institutions that are working under its supervision, implying that it does not take any responsibility for the ones that are excluded from the list, the so-called ‘unauthorized institutions’.