China’s Henan, Anhui provinces to make more repayments to rural bank scandal victims
2022.07.29 12:14
Demonstrators hold banners during a protest over the freezing of deposits by rural-based banks, outside a People’s Bank of China building in Zhengzhou, Henan province, China July 10, 2022, in this screengrab taken from video obtained by Reuters.
BEIJING (Reuters) -Financial authorities in China’s central Henan and eastern Anhui provinces on Friday announced a third round of repayments, starting Aug. 1, to clients of five rural banks whose funds were frozen in what authorities said was a complex scam.
Individuals with deposits of between 100,000 yuan ($14,787) and 150,000 yuan at four lenders in Henan will be repaid, the Henan branch of the China Banking and Insurance Regulatory Commission and the provincial financial bureau said in a joint statement.
Authorities in Anhui’s Bengbu city issued a similar statement, saying they will start repaying clients at a bank there from Aug 1.
The scandal has triggered widespread protests from outraged depositors since April and cast a harsh spotlight on the 4,000 small and medium-sized banks across the country.
