Seven Financial Institutions Are Fined $31 Million By China

On Friday, China’s banking and insurance watchdog  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, in accordance to a statement from the China Banking and Insurance Regulatory Commission.