State Council approves cut in bank card charges

The State Council has approved a plan to reduce bank card fees, with the rate expected to fall by 23 to 24 percent from Feb 25, 2013, Sina.com reported on Tuesday.

Sina.com reported that the People's Bank of China, the nation's central bank, had issued a notice to this effect to the country's commercial banks.

According to the notice, the change only involves consumer transactions in China.

The reduction in the fees - which will continue to vary according to sector - will be between 23 and 24 percent, with fees in the entertainment industry being cut 37.5 percent.

mengfanbin@chinadaily.com.cn