Chinese banks fined over excessive fees

Date:2011-08-24wangxin  Text Size:

China’s National Development and Reform Commission (NDRC) has reportedly fined Industrial Bank(601166.SH), CITIC Bank (601998.SH)and the Postal Savings Bank of China for charging clients excessive fees.

According to the Economic Times, the NDRC said the three banks were charging clients for services including the resetting of account passwords. The practices are alleged to have continued until 13 July even though it is said the banks were told to stop on 1 July.

Industrial Bank and CITIC Bank have therefore reportedly been fined 2m yuan ($313,000), and the Postal Saving Bank was fined 1.8m yuan.

The NDRC was quoted as saying that all financial institutions must learn a lesson and keep in mind the rules of charging fees and to safeguard the interests of clients.

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