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China bans micro lenders from offering new consumer loans to college students

China bans micro lenders from offering new consumer loans to college students

· 03/17/2021 05:29
China bans micro lenders from offering new consumer loans to college students

- China's top banking regulator said on Wednesday it had banned micro lenders from granting new consumer loans to college students over concerns of over-lending.

It also urged micro lenders to gradually reduce existing loans to students, and banned institutions without financial licenses from offering credit services to college students, according to a statement on its website.

The statement was jointly released by five government agencies including the China Banking and Insurance Regulatory Commission, the People's Bank of China and the Ministry of Public Security.


(Reporting by Cheng Leng and Ryan Woo; Editing by Andrew Heavens)

((cheng.leng@thomsonreuters.com; +8610-5669-2129;))