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)
TOWIE star Vas J Morgan cuts a casual figure as he steps out in his own activewear brand
I'm from Texas and live in the UK, these are all the weird things I've found about British people
Hong Kong's leading bookstores decline to stock new book by last governor Chris Patten
From House Sparrows to Blue Tits: The stunning birds spotted the most often in UK gardens
Sweet or savory? This is what your taste in snacks says about you, according to science
Subway announces major menu shake
Children addicted to tech including smartphones are more at risk of psychosis, study suggests
Paris Hilton puts on a VERY leggy display in pink PVC dress as she shares new collaboration with Tan
Missed the 2024 solar eclipse? Here's when and where you can see the next one
NCAA ratifies immediate eligibility for athletes no matter how many times they switch schools
How to tell if you have the sleep disorder that even doctors don't know about