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Report: China bars 40 banks from conducting interbank account biz after breaches

The People's Bank of China barred 40 banks, including China Construction Bank Corp., Bank of China Ltd. and Agricultural Bank of China Ltd., from performing interbank account businesses for three to six months after they were found to have breached regulations, Reuters reported, citing Caixin.

The 40 banks also include China Minsheng Banking Corp. Ltd., China Merchants Bank Co. Ltd. and Ping An Bank Co. Ltd., Caixin reported, citing a document. The central bank asked the banks to conduct an overhaul due to violating the rules.

HENGFENG BANK CO. Ltd., Bank of Nanjing Co. Ltd. and Bank of China's Shanghai branch were found to have severely violated rules.

The Chinese central bank has asked the banks to fix the problems within three to six months, the report said, without providing further details of the irregularities. During the period, the banks would not be allowed to perform interbank account businesses.

People's Bank of China, HENGFENG BANK and Bank of China did not immediately respond to Reuters' requests for comment, while Bank of Nanjing could not be immediately reached for comment.