OREANDA-NEWS  The Federal Antimonopoly Service (FAS) of Russia has opened a case against VTB on the grounds of violations in advertising due to the fact that the bank did not provide information about the essential conditions of the deposit, the agency reports.

"The FAS has opened a case against PJSC VTB on the grounds of violations in the advertising of the deposit. The bank did not provide information on the essential terms of the financial service," the statement said.

The FAS of Russia explains that a citizen had previously filed a complaint against VTB advertising, which was broadcast on an advertising structure in Moscow. The advertisement in large print indicated information attractive to consumers about the deposit rate of 20%, but information about the deposit conditions affecting the amount of income was placed in the advertising video for a short time in a difficult-to-understand way.

"According to the agency, such actions may mislead consumers and contain signs of violation of the Law on Advertising. The service has opened a case against the bank. If a violation is found, the organization faces a fine," the FAS also reported.