Customers have started withdrawing money on a large scale from banks in China. In view of this, the government has asked banks to keep an eye on withdrawing more cash. In fact, there is a huge debt on banks in China, in such a situation, customers have started feeling that banks can run away with their money at any time. In such a situation, people are withdrawing money from banks in a big way, which has become difficult.
Government tightens cash withdrawal
According to the news, businessmen and common people in China have been asked to take permission to withdraw large cash amounts. According to People`s Bank of China, this arrangement has been done as a pilot project in Hebei province of China. Soon this system will be implemented in other provinces as well.
Inquiries will be made on withdrawing more money
Under the new system, if a person withdraws money from a bank more than 100,000 to 300,000 yuan, or if a businessman withdraws money from a bank more than 500,000 yuan, the bank will have to inform it immediately.
Actually, there have been reports in the recent past that many local banks in China are not able to return customers money. Banks can run away with money, due to this fear, people are withdrawing money from banks, keeping this in mind, the government had to decide to put a check on withdrawing money.