(MENAFN) Central bank of China found violations of 40 banks in interbank account regulations and it ordered them to rectify the problem during the three to six coming weeks.
A report released by Caixin, a Chinese financial magazine, showed that the large state-owned lenders, including China Construction Bank, Bank of China (BOC), Agriculture Bank of China, China Minsheng Banking Corp, China Merchants Bank and Ping An Bank, will conduct an overhaul due to breaching the rules.
Accordingly, the central bank also found that Hengfeng Bank, Bank of Nanjing and BOC's Shanghai branch had harshly violated regulations.
But the magazine did approve the irregularities or provide any details.
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