Two banks fined for violating payment clearing rules

BEIJING - China's central bank said Friday that it has fined two banks for irregularities found in an inspection of payment clearing services.

The banks, the China Minsheng Bank's Xiamen branch and Pingan Bank, have violated rules concerning management of clearing, management of yuan settlement accounts, and management of payment services by non-financial institutions, the People's Bank of China (PBOC) said on its website without any elaboration.

The PBOC has levied a penalty of 13.3 million yuan ($2.1 million) against Pingan Bank and 163.1 million yuan against the China Minsheng Bank branch.

The central bank said it will toughen oversight of payment clearing services to ensure the sustainable and healthy development of the market.

Violations of related laws and regulations will lead to severe punishment, according to the PBOC.