On January 27, a public information sheet on administrative penalties disclosed on the official website of the China Banking and Insurance Regulatory Commission showed that Shenzhen Nanshan Baosheng Rural Bank was fined 1.5 million yuan by the Shenzhen Banking and Insurance Regulatory Bureau for illegal acts such as deposit-loan linkages, inadequate "three checks" of loans, untrue credit asset quality, and over-limit of related party transactions.
According to public information, Shenzhen Nanshan Baosheng Village Bank was established on March 29, 2011, located in Shenzhen Nanshan Science and Technology Park, initiated and controlled by Luoyang Bank. The business scope is deposit, loan and settlement business. Shenzhen Nanshan Baosheng Village Bank is the third village bank controlled by Luoyang Bank and the fourth village bank in Shenzhen. (Article | Author of "Finance and Economics" Weekly, Tang Guo)