Four things you need to know about China’s Henan Rural Bank scandal, #Chinas #Henan #Rural #Bank #Scandal Welcome to OLASMEDIA TV NEWSThis is what we have for you today:
A financial scandal in Central China that sparked protests outside a regional office of the country’s central bank has once again focused the spotlight on the risks lurking in the sprawling rural banking sector, where regulation has failed. prevent corruption and abuse of power by major shareholders.
Customers of six small lenders, all affiliated with a shady investment company in Henan province, have been denied access to tens of billions of yuan of their savings since April, when the banks froze their deposits without explanation, sources knowledgeable in the Caixin case said. After the scandal first made headlines that month, they’ve been tight-lipped about the refund since the scandal first made headlines that month. Bank of China (PBOC) in Zhengzhou, the capital of Henan Province.
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