Two new rules for the rising electronic banking (e-banking) business issued by China's banking watchdog will take effect on March 1 this year.

 

The China Banking Regulatory Commission (CBRC) said in Beijing on Monday that it has just issued the management rules and the security evaluation guidance on e-banking business in line with international regulations.

 

A spokesman with the CBRC said the two new rules will affect the e-banking business operated by all Chinese banks and all kinds of financial companies set up in China.

 

The management rules on e-banking business are divided into 99 items under nine chapters, covering procedures for application, risk management, out-sourcing business, transnational business and the relevant legal obligations.

 

The security evaluation guidance on e-banking is divided into 57 items under five chapters, which are focused on specific security evaluation activities.

 

The spokesman said the two new rules on e-banking in China will help enforce government supervision over the e-banking market and improve the service of the banking sector to meet the rising demand from consumers.

 

(Xinhua News Agency February 7, 2006)