BEIJING, April 22 (Xinhua) -- The People's Bank of China on Monday began to solicit public opinion on the detailed rules regulating the non-bank payment institutions, as a part of efforts to enhance their supervision and management.
The document aims to detail the regulations for the supervision and administration of non-bank payment institutions, which were issued by the State Council last December.
The document offers further clarification on key concepts, such as major shareholders and actual controllers, as outlined in the regulations, and details administrative licensing procedures for the non-bank payment institutions.
Through the move, the central bank hopes to bolster transparency and openness in the administrative process and foster greater efficiency in payment institutions so as to create a law-based business environment.
In protecting the legal rights and interests of payment users, it specifies requirements regarding the retention period of user data and transaction records, as well as adjustments to fees.
In recent years, China has witnessed remarkable growth in its non-bank payment industry. Data shows that over 1 trillion transactions are made in the country via non-bank payment institutions annually, with a total value at approximately 400 trillion yuan (about 56.3 trillion U.S. dollars).
(Editor:Fu Bo)
Related articles:
Related suggestion:
Providing Heartwarming Services to ChildrenSaudi Arabia set for Chinese touristsEncouraging People to Join Rural RevitalizationAntiques Roadshow guest breaks down in tears over HUGE valuation of Edwardian cufflinksInterview: China accomplishes excellent organization in Hangzhou Asiad, says IOC memberVillage Official Leads Farmers in Promoting Rural RevitalizationMy side hustle makes me an extra £1k a month'Mom's Taste' Brings Wealth to WomenChengdu hosts 23rd China Cultural Tourism Global ForumVirtual Shaoxing Opera Actress Fascinates Young Chinese
2.1262s , 6575.7421875 kb
Copyright © 2024 Powered by China details regulations on non ,World Wave news portal