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China to check banks' irregular practices


09:37, February 10, 2012

BEIJING, Feb. 9 (Xinhua) -- China's banking regulator announced Thursday the launch of a targeted crackdown on irregular practices in the sector to address public concerns.

The move comes as illegal operations in the banking sector, which include arbitrary credit terms and service fees, have triggered widespread complaints across the country.

In response to the problems, the China Banking Regulatory Commission ordered the financial institutions to review their operations and properly set their growth targets to prevent staff from irregular activities.

The commission said practices such as forcing customers to deposit portions of their loans, requiring deposits as preconditions for credit, arbitrary fees, and bundle sales of financial products will be strictly banned.

The commission also pledged to set up an open mechanism to address public complaints.


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