Six violations of laws and regulations by the Postal Savings Bank of C….

On July 5, the China Banking and Insurance Regulatory Commission (CIRC) released information showing that the postal savings bank of China was fined about 4.49 million yuan by the CIRC for a number of illegal charges, while two senior executives of the bank were given a warning.

Specifically, the main facts (causes) of violations of laws and regulations are:

1. Illegal collection of unique account annual fees and small account management fees from some customers; 2. Illegal SMS charging services without the client’s consent; 3. Information system related functions have defects in development, commissioning, maintenance, post-evaluation, etc. Insufficient; 4. The content of the materials submitted to the regulatory agency is not true; 5. The materials are not submitted within the time limit required by the regulatory requirements; 6. The relevant documents for handling the preservation business are not provided in accordance with the regulatory requirements.

In accordance with relevant laws and regulations, the China Banking and Insurance Regulatory Commission decided to confiscate 114,000 yuan of illegal income from China Postal Savings Bank, a fine of 4.3768 million yuan, and a total fine of 4,490,800 yuan.

At the same time, the China Banking and Insurance Regulatory Commission issued warnings and punishments to Liu Xin, general manager of the Personal Finance Department of China Postal Savings Bank, and his predecessor Liu Zhijun.

Public information shows that China Postal Savings Bank was formally established on March 6, 2007. It is a commercial bank established on the basis of reforming the postal savings management system. In September 2016, it was listed on the Hong Kong Stock Exchange. In December 2019, it was listed on the Shanghai Stock Exchange.

On April 29, 2021, the China Postal Savings Bank released its report for the first quarter of 2021, showing that it achieved operating income of 77.330 billion yuan, a year-on-year increase of 7.15%; and realized a net profit of 21.327 billion yuan, a year-on-year increase of 6.08%.

(This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

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