THE Postal Saving Bank of China (PSBC), the country's fifth-largest commercial bank in terms of deposits, launched its nationwide petty loan system yesterday.
The scheme has been operating on a trial basis in Henan, Zhejiang, Shandong, Fujian, Hubei and Shaanxi provinces and Beijing, and more than 50 million yuan (US$6.8 million) has been lent.
The petty loan system is tailored to individuals and small companies in both urban and rural areas.
The bank will begin to provide mortgages and consumption loan services next year, a spokesman said.
Founded on March 20, 2007, PSBC had registered 1.7 trillion yuan in deposits by the end of October.
Currently, the bank has more than 60,000 business outlets, 280 million clients and 480 million accounts nationwide.