BEIJING (Reuters) – China’s financial regulator said on Friday that employees and managers can be exempted from penalties if they fulfilled their duties in cases of loan defaults in inclusive credit businesses, a statement showed.
Banks may set differentiated tolerance targets for non-performing inclusive credit for branches in different regions, according to the statement.
Inclusive finance refers to financial services and products designed to support low-income populations and small- and mid sized enterprises by providing them with access to banking, credit, insurance, and investment opportunities.