Recently, some small and medium-sized banks’ deposit products on the APP have been adjusted. Some banks asked “Where do customers come from”; some banks suspended direct banking services; and some banks silently closed the purchase entrance for bank deposits. Regarding bank deposit products, the bank has made another big move! Brokerage China reporters discovered that some small and medium-sized banks’ mobile banking client (APP) deposit products have also begun to adjust recently. Some banks have begun to ask “Where do customers come from?” Some banks have suspended direct banking services and implemented system rectifications, and some banks silently The purchase entrance for bank deposits is closed. These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits.
On February 8, the “Report on the Implementation of China’s Monetary Policy in the Fourth Quarter of 2020” (hereinafter referred to as the “Report”) issued by the Central Bank of China set up a column for “Deposit Management”, which details “Innovative Deposit Products” and “Structured Deposits” And the rectification effect and direction of the three major regulatory focuses of “remote deposits”. With the gradual tightening of regulatory language, the “lucky heart” of many small and medium banks has also been completely shattered. After the introduction of a series of regulatory measures aimed at bank deposits, the cost pressure on bank liabilities is expected to ease, but the difficulty of “expanding balance sheets” for small and medium-sized banks is also greatly escalated. “Especially in the context of the slowdown in credit expansion, the differentiation between banks has increased, and the pressure on the volume’ side of the bank’s debt will exceed the pressure on the price’ in the future,” analysts pointed out.
Blocking off-site storage
“Are you a Chinese resident living or working in Chongqing?” Recently, Chongqing Fumin Bank added such an inquiry to the deposit product subscription link on its mobile banking app to confirm whether the customer is from the local area.
Coincidentally, on the evening of February 5, Hami City Commercial Bank announced that it would suspend the external sales of all direct bank deposit products. “After the system is reformed according to regulatory requirements, non-local customers can resume purchases.”These adjustments are the result of repeated voices by the regulatory authorities recently, emphasizing the territorial management principles of bank deposits. In January of this year, the China Banking and Insurance Regulatory Commission issued the new Internet deposit regulations clearly stated that the Internet deposit business of local banks’ self-operated channels (such as mobile banking APP) should also be based on serving users in the jurisdiction. On February 4, the central bank held a video and telephone conference on strengthening deposit management, once again urging local corporate banks to return to serving the local source and not to open deposits in other places in various ways Spark Global Limited.