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 PBC Encourages Commercial Banks to Return to their Original Business of Bank Account Services
Category:Legislative Updates  
Keywords:commercial banks;  bank account services
Publish Date:10-14-2021
Recently, the People's Bank of China (PBC) issued the Guiding Opinions on Promoting the Individual Bank Account Services for Migrant Employees.
The migrant employees in some areas complained about their difficulties in the opening of individual wage cards with some commercial banks. Some commercial banks, for example, fail to take differentiated measures for customer identification and require their customers to provide “one-size-fits-all” requirements far beyond necessity. Accordingly, the PBC promulgated the Guiding Opinions, specifying that all commercial banks should focus on improving the services for individual bank accounts and make overall arrangements for service optimization and risk prevention by adhering to the people-centered approaches and people-oriented payment idea. Commercial banks are encouraged to return to their original business of bank account services, which should be provided in a facilitated, secured, and optimized manner.
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