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)
Lithuanian soprano Asmik Grigorian makes belated Metropolitan Opera debut as Madame Butterfly
Senate passes reauthorization of key US surveillance program
China activates emergency response to rain, snowstorms amid holiday traffic peak
3 Northern California law enforcement officers charged in death of man held facedown on the ground
Explainer: Why foreign leaders prefer other Chinese cities over Beijing as first stop of China trip?
China's railways handle over 300 mln passenger trips in festival travel rush
China strives to refuel economy with green hydrogen energy
11 Republican "fake electors" indicted for falsely declaring Trump won Arizona
Explainer: What do new productive forces mean?
Attempt to expedite ethics probe of Minnesota state senator charged with burglary fails on tie vote
90s rock star, 57, showcases her timeless beauty as she returns to the spotlight after 20