Local residents pass by a PSBC branch in Hangzhou, East China's Zhejiang Province, on Wednesday. Photo: IC

China's banking regulator imposed a fine of 4.37 million yuan ($676,476) on  (PSBC) recently, according to information disclosed by the China Banking and Insurance Regulatory Commission (CBIRC) on Monday. 

The bank was fined for a series of misconduct including charging fees to customers against regulations, submitting falsified documentation to regulators and managing short message charging services without customer consent. 

Apart from the fine, the CBIRC also confiscated about 114,000yuan of unlawful income from the bank, while issuing warnings to two managers at the bank's personal finance department. 

The CBIRC imposed the fine at a time when China is tightening management on its banking sector to rein management irregularities. In May, the banking regulator imposed a total fine of 3.66 million yuan on five domestic banks for breaching multiple rules and regulations. The fined banks include China Bohai Bank and China Merchants Bank. 

Global Times