In a move seen as an attempt to pacify protesting bank customers, Chinese authorities in Henan province have announced their latest refund plan which provides that customers with deposits between $14,827 and $22,240 are eligible for the repayment. In addition, authorities said two unnamed provincial officials are being investigated for allegedly breaking the law.
Reimbursements are expected to start in August
Authorities in China’s Henan province have reportedly announced plans for a new round of refunds to rural bank customers whose bank accounts have been frozen since April. The refund program is set to start on August 1 and under an arrangement offered by authorities, only customers with deposits between 100,000 yuan ($14,827) and 150,000 yuan ($22,240) are eligible to receive a refund. .
According to a Reuters report, provincial authorities are now moving to appease wayward bank customers who are protesting the three rural banks’ decision to freeze their funds. Prior to the latest announcement, some provincial officials reportedly used the country’s Covid-19 regulations to block planned protests.
However, as reported Per Bitcoin.com News, angry bank customers were later able to picket outside central bank offices in Henan. Following reports of the rare protests, some social media users began circulating videos of military tanks appearing to move to protect central bank offices from protesters. However, other users insisted that the tanks were actually parading in Shandong province, over 440 kilometers away.
Three officials under investigation
Although Chinese authorities have not commented directly on the protests, a statement reportedly released by the China Banking and Insurance Regulatory Commission (CBIRC) suggested that two officials, one from its office in the province of Henan and the other from a sub-bureau, were being investigated for breaking the law.
In addition, the Henan Central Commission for Discipline Inspection also announced that it is currently investigating an official responsible for overseeing financial stability at the central bank office in the provincial capital, Zhengzhou. The unnamed official was charged with serious disciplinary misconduct, according to the report.
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