Business Standard

Thursday, December 19, 2024 | 11:48 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

China to repay more victims of nation's biggest bank scam: Report

Clients from the four rural banks in the central province of Henan and one in Anhui with deposits of up to 100,000 yuan ($14,800) will be repaid from July 25

China, China economy, Economy
Premium

Most of the victims were unaware of the illicit activities of Xincaifu and never received high interest or subsidies on their savings, the CBIRC told an affiliated newspaper.

Bloomberg
Chinese authorities will repay more victims of the nation’s biggest bank scam as it seeks to placate angry customers who have been denied access to tens of billions of yuan of deposits for months.

Clients from the four rural banks in the central province of Henan and one in Anhui with deposits of up to 100,000 yuan ($14,800) will be repaid from July 25, according to the local offices of the China Banking and Insurance Regulatory Commission. 

Authorities began to repay individuals with deposits of below 50,000 yuan last Friday, after hundreds of disgruntled bank customers took to the streets to ratchet

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in