THEORETICAL AND LEGAL CONSIDERATIONS REGARDING THE TRANSFORMATION OF PRIVATE BANKS

Аннотация

The COVID-19 epidemic has accelerated the widespread spread of the digital economy throughout the
global economy, which has led to a sharp increase in demand for “contactless” services in the financial sector. And
as a result, the demand for the transformation of commercial banks has increased. This article examines in detail
the transformation process of commercial banks, its theoretical foundations and legal aspects. First of all, the role
of the banking system in the economy, the tasks of commercial banks and modern changes in their activities are
analyzed. The concept of transformation, its types and stages, as well as the reforms implemented in the banking
system through the introduction of digital technologies are scientifically covered.
This article analyzes the legal framework for the transformation of commercial banks in Uzbekistan, in particular,
based on the Law “On Banks and Banking Activities”, Presidential Decrees and Cabinet of Ministers Resolutions.
At the same time, achievements in international practice and the possibilities of their implementation in the
national banking system are considered. The relevance of the work is that it is devoted to an in-depth study of the theoretical and legal foundations of modern reforms in the banking sector and issues of their effective implementation in practice. Through conclusions and proposals, practical recommendations have been developed to further strengthen the banking
system.