Deposits for cash loans and risks for social risks must be subject to access man

Pan Gongsheng, deputy governor of the People's Bank of China, recently said that there are widespread over-lending, violent collection, ultra-high rates and personal privacy violations in the cash loan business, resulting in greater risks of financial and social risks. And inclusive finance is also a financial necessity. Implement access management.

The China Financial Times quoted his speech on a public event on Monday and claimed that there is a serious regulatory arbitrage in the mode of operation of small loan companies as one of the main players in the cash loan business and relevant regulatory authorities are considering amending the small Loan regulatory rules.

"Pratt & Whitney finance is also financial, must be implemented access control, there must be regulatory constraints .Financial services for long tail groups should be more responsible finance." Pan Gongsheng said.

He also proposed five points for supervising cash loans: First, to establish financial institutions and carry out financial business, admittance management must be accepted according to law. Any organization or individual that does not have the qualifications of lending business shall not operate the lending business and must deal a severe blow to the unlicensed business.