The Bank of Israel on Sunday introduced a tool it’s calling “banking ID cards,” as the latest in a series of measures aimed at boosting transparency and increasing competition in the banking sector.
The ID cards will be standardized, easy-to-read annual reports from banks that help people understand their assets, liabilities and costs in simple, everyday terms. Banks will be required to send them out each February 28. They will also be obliged to provide the details on demand, as well as in a longer, more thorough version.
The idea behind the ID cards is two-fold.