The Ministerial Committee on Legislation approved a banking bill that would require banks to offer free financial literacy courses to customers who exceed their credit limit. The bill now advances to the Knesset for further readings.
The Ministerial Committee on Legislation approved a banking reform bill on Wednesday that would obligate Israeli banks to provide free financial education to customers who have exceeded their credit limit and are paying high overdraft interest.
The bill, proposed by MKs from across the coalition, is designed to address financial exclusion by giving over-extended borrowers practical tools for managing their accounts. It does not set a specific curriculum but defines the minimum scope — a structured course covering basic budgeting, interest costs, and repayment planning — that banks must offer at no charge.
If passed, the reform would mark a shift from punitive fees toward a preventive approach. Bank Hapoalim and Leumi have not publicly commented on the legislative text. The bill faces its first Knesset reading after the summer recess.
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