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Banking & finance
EconomyChina Economy

China extends compensation for Henan banking crisis victims to 250,000 yuan, 2 more officials probed

  • Savers with deposits of up to 250,000 yuan (US$37,000) at four rural banks in Henan province and one in Anhui will receive compensation on Monday
  • Chinese regulators also confirmed on Friday that another two Henan officials are under investigation for disciplinary offences

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Savers with deposits of up to 250,000 yuan (US$37,000) at four rural banks in Henan province and one in Anhui will recieve compensation from Monday. Photo: Handout
Leona Liu Ying

Financial authorities in Henan and Anhui provinces have announced a fourth round of repayments to victims of the rural banking scandal, although many customers are still waiting for previously promised compensation.

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Individuals with deposits between 150,000 yuan and 250,000 yuan (US$37,000) at four rural banks in Henan province will be repaid on Monday, said a joint statement from the local branch of the China Banking and Insurance Regulatory Commission (CBIRC) and the provincial financial supervision bureau.

The statement on Friday also mentioned that repayments to depositors with savings under 150,000 yuan will continue, having initially started from 50,000 yuan last month.

Authorities in Anhui’s Bengbu city issued a similar statement.

Since April, deposits estimated at around 40 billion yuan (US$6 billion) at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng in Henan province and Guzhen Xinhuaihe Village Bank in the neighbouring Anhui province have been affected.

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