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)
Tennessee lawmakers join movement allowing some teachers to take guns into schools
Rudy Gobert's big night lifts Timberwolves past Hawks and into a first
Boston Red Sox shortstop Trevor Story has season
Coyotes players informed the team is expected to move to Salt Lake City, AP source says
Colleges nationwide turn to police to quell pro
Republicans debate ahead of runoff for Alabama congressional seat
Paurova becomes eighth Oregon State player to enter the portal
Elly De La Cruz homers again as the Reds pound the White Sox 11
Former Wisconsin college chancellor fired over porn career is fighting to keep his faculty post
Heat never trail on the way to a 125
With lawsuits in rearview mirror, Disney World government gets back to being boring
Paurova becomes eighth Oregon State player to enter the portal