CBRC Orders Banks to Stop Collecting Controversial Fees

Over recent days the China Banking Regulatory Commission (CBRC) has published announcements requiring all commercial banks to clean up their act in regard to the collection of service fees that are not in line with existing regulations. The banks have been told to investigate the pricing of the various fees that they charge for services, and if any problems are found to rectify them immediately. The banks have been ordered to immediately stop collecting fees that are in contravention of existing regulations and to assess the reasonableness of the prices charged for other service fees that are in keeping with the regulations but which have attracted controversy.

Source
National Business Daily

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