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China to Regulate Student Loan Business
August 7 saw People's Bank of China, Ministry of Finance, Ministry of Education and State Tax Bureau jointly issue a circular, requesting related departments to promote the development of student loan business.
As the circular requires, banks should further improve financial service, strengthen student loan management and prevent financial crisis. National student loan being a signature loan, to prevent risks, banks should publicize borrowers' breach behaviors in public media and announce their names and ID cards. Banks should keep records for further use for those refusing to provide working unit and communication method.
All commercial banks should earnestly implement related regulations on the cancellation of bad assets for student loans, not to find out the responsibility of the undertakers and business taxation and loan interests to be exempted with the approval of the State Council.
Financial departments at various levels should allocate sufficient interest discount funds and draft related management method on using the funds.
By PD Online staff member Li Yan
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