A deputy of the 10th National People's Congress, China's top
legislature, suggested that the country's pricing authority order
banks to stop charging customers for cross-bank inquiries,
China Business News reported today.
Huang Xihua, also the vice director of the environmental bureau
in Huizhou City, Guangdong Province, sent an emergency proposal
to the standing committee of the NPC on Friday afternoon.
The country's five biggest commercial banks announced a charge
of 0.30 yuan (3.7 US cents) for each cross-bank inquiry by
card-holders on June 1.
"The charge influenced a lot of people, so as a delegate, I have
the right to compose a proposal that represents the people's
opinions," Huang said.
Huang said she and another delegate in Huizhou handed in the
proposal.
The proposal includes three suggestions:
*The China Banking Regulatory Commission strengthens its
supervision on banks' decisions that will harm the benefits of
consumers;
*The country's pricing authority orders banks to halt the
cross-bank inquiry charge until a hearing is held;
*The cross-bank inquiry charge must be cross-examined to see if
it has violated existing laws and regulations on pricing and
contracts.
Huang said she expects banks to provide more details to justify
their new charge, like the calculation of inquiry cost.
The China Banking Regulatory Commission or banks will respond to
Huang in six months upon receiving the proposal from the standing
committee.
(Shanghai Daily June 5, 2006)