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Chinese regulator announces penalty exemptions for employees in inclusive credit defaults

08/02/2024

Less than a minute

2024.08.02 06:55

Chinese regulator announces penalty exemptions for employees in inclusive credit defaults

BEIJING (Reuters) – China’s financial regulator said on Friday that employees and managers can be exempted from penalties if they fulfilled their duties in cases of loan defaults in inclusive credit businesses, a statement showed.

Banks may set differentiated tolerance targets for non-performing inclusive credit for branches in different regions, according to the statement.

Inclusive finance refers to financial services and products designed to support low-income populations and small- and mid sized enterprises by providing them with access to banking, credit, insurance, and investment opportunities.

08/02/2024

Less than a minute