China fines seven financial institutions $31 million over irregularities

China’s banking and insurance watchdog has announced that it has fined Seven financial institutions a total 199.5 million yuan ($30.85 million) for irregularities in overcharging fees and insufficient information disclosure on products.

Leading policy bank China Development Bank, top lenders China Industrial and Commercial Bank of China, and the fifth largest state lender Postal Savings Bank of China are among those fined, according to a statement from the China Banking and Insurance Regulatory Commission.