Banks ordered to enable freezing and deducting of online accounts
Changes would allow the people's court and institutions to carry out full inspections and take disciplinary actions
At least 21 banks in China have been ordered to launch features such as freezing bank accounts and deducting bank deposits online by the end of March, so as to assist the people’s court and financial institutions, The Paper reported.
With the addition of these features, the people’s court can operate online to carry out inspections and disciplinary actions by freezing bank accounts and executing full or partial deductions.
Five big state-owned commercial banks, including ICBC, ABC, BOC, CCB and Bank of Communications, 12 major joint-stock banks, two “policy banks,” one city commercial bank as well as the Postal Savings Bank of China, are on the list.
Other local banking financial institutions must also enable the online features by the end of April, while banks with asset management businesses face an end of June deadline on wealth management products.