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Brunei
Tuesday, September 27, 2022
30.9 C
Brunei
Tuesday, September 27, 2022
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    China to accelerate disposal of smaller banks’ bad loans

    CNA – China may start a pilot programme in six provinces to further speed up the disposal of bad loans by local small- and medium-sized banks, financial news media outlet 21jingji reported yesterday.

    The move came after a rural banking scandal in central China’s Henan province and eastern Anhui province threatened public confidence in the country’s financial system.

    Multibillions of dollars of deposits have been frozen in several local banks in what authorities have said was a complex scam.

    As of Thursday night, authorities have repaid CNY18.04 billion (USD2.68 billion) to 436,000 depositors, the media outlet reported, citing officials at China Banking and Insurance Regulatory Commission as saying at a briefing.

    That accounted for 69.6 per cent of depositors being affected and 66 per cent of involved deposits, 21jingji reported.

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