China’s banking regulator has continued to hit lenders with penalties and fines as part of its ongoing crackdown and efforts to bring the country’s financial sector into order.
The official website of the China Banking Regulatory Commission indicates that in the first quarter of 2017 it issued a total of 485 administrative penalties, with total fines worth 190 million yuan (USD$27.52).
A total of 197 banking executives have been subject to penalties, of whom 19 have seen their qualifications rescinded, and a further 11 have been prohibited from pursuing work with banks.
Rural commercial banks were most heavily represented amongst offenders, followed by credit societies and nation-wide commercial banks.
Almost half of the penalties were issued in the first quarter of the year related to non-compliant lending operations, accounting for 229 in total, followed by infractions in relation to negotiable instrument operations (73), and infractions of prudential operating regulations (52).