Chinese regulators have publicly warned the country’s banks to stop chasing deposits by offering customers extravagant incentives such as prizes, free travel, paying children’s school fees and even providing jobs for relatives.
The China Banking Regulatory Commission issued a notice on Friday saying that “a minority” of banks had resorted to such tactics since the start of this year to attract bank deposits from clients. It said banks and individuals involved would be strictly punished.
China’s central bank sets a ceiling on the interest rate Chinese lenders can offer depositors, as well as a floor on rates they can charge borrowers, a practice that avoids cutthroat competition among banks and guarantees them a healthy lending margin.
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