The Central Bank Has "Set Rules" For Small Loans

The Central Bank and the Banking Regulatory Commission jointly issued a document to curb underground banks' "rules" for small loans At 5:00 pm yesterday, the official websites of the People's Bank of China and the China Banking Regulatory Commission released two documents jointly signed by them almost at the same time. The core spirit of the documents is that the country will strengthen financial services in rural areas, promote the development of agriculture, farmers and the rural economy, support the construction of a new socialist countryside, and guide the flow of funds to rural and underdeveloped areas, Effectively allocate financial resources. Mao Yushi, a famous economist who has been engaged in microfinance for 15 years in rural areas of Shanxi Province, welcomed this policy spirit when he was interviewed by our reporter last night. Regulate interest rates of four types of financial institutions The CBRC yesterday issued the Guiding Opinions on the Pilot of Small Loan Companies (hereinafter referred to as the Opinions), which stipulates the nature, establishment, source of funds, use of funds, supervision and management, dissolution and bankruptcy of small loan companies. According to the Opinions, small loan companies that operate in compliance with the law and have no bad credit records can be transformed into village banks on the basis of shareholders' willingness in accordance with the Guidelines for the Establishment and Approval of Rural Banks and the Interim Provisions on the Management of Rural Banks. Almost at the same time, the People's Bank of China yesterday released the Notice on Relevant Policies of Rural Banks, Loan Companies, Rural Mutual Fund Cooperatives and Small Loan Companies (hereinafter referred to as the Notice) on the official website, which stipulates the management system of deposit reserve of four types of financial institutions, including rural banks, loan companies, rural mutual fund cooperatives and small loan companies. The Notice stipulates that the deposit interest rate of institutions approved to take deposits shall be subject to ceiling management, and the maximum shall not exceed the benchmark deposit interest rate of the same level in the same period published by the People's Bank of China. At the same time, the loan interest rates of the four types of institutions are subject to the lower limit management, which is 0.9 times the benchmark interest rate of loans of the same grade in the same period announced by the People's Bank of China. Small loan pilot is finally legal In an interview with the Daily Economic News, Professor Li Defeng of the School of Finance of the Central University of Finance and Economics thought that the introduction of the above policies was an expansion and encouragement of financial services in rural areas, but village banks would not blossom everywhere, and the government regulatory authorities would still set up some market access, which would be controlled. Li Defeng said that at present, China's rural areas are short of funds, but also lack of systems. The flow of rural funds into cities is very serious. The introduction of policies enables rural areas to form a mechanism to better guide the use of rural funds in rural areas. At the same time, the introduction of policies can reduce underground banks and illegal fund-raising, and better regulate rural funds. "For 15 years, we have been carrying out the pilot program of poverty alleviation microfinance, and we are very happy that it is finally legal." Mao Yushi, an economist known as "China Yunus", excitedly told the Daily Economic News on the phone yesterday that his microfinance company is the only one that focuses on poverty alleviation and charity, and also the only one that absorbs private deposits. It is reported that as early as 1993, Mao Yushi launched a pilot project of poverty alleviation rural microfinance in Linxian County, Shanxi Province. Reserve and payment clearing management The Notice stipulates that at this stage, rural mutual fund cooperatives will not pay deposit reserves to the central bank for the time being; Rural banks should pay deposit reserves to local branches of the Central Bank in a timely manner in accordance with the management regulations of the Central Bank on deposit reserves. The deposit reserve ratio of rural banks should be subject to the local rural credit cooperatives. In terms of payment and clearing management, the four types of institutions referred to in the notice can also join the RMB bank settlement account management system and the online verification of citizenship information system in accordance with the relevant provisions of the Central Bank. Qualified village banks can also apply to join the large amount payment system, small amount payment system and check image exchange system in accordance with the relevant provisions of the Central Bank.