The Central Bank of China (CBC) is to abolish a number of fees
banks charge for retail banking products and services, such as
opening and closing accounts.
Under the new regulations, banks will also have to waive
management fees for salary, pensions and housing funds
deposits.
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The CBC said that the new regulations – jointly issued by the
CBC, the China Banking Regulatory Commission and the National
Development and Reform Commission – will enhance Chinese banks’
social responsibilitiy.
The rules are to be implemented as of 1 July 2011.
Unlike in America, where the Durbin Amendments will curb banks’
income from fees and have caused uproar among banks,analysts said
that the regulations in China will have little effect on the banks’
overall income.
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