OREANDA-NEWS. May 04, 2012. In response to the Notice on Rectifying Unregulated Operations by Banking Institutions issued by the China Banking Regulatory Commission recently, Agricultural Bank of China Limited (ABC) adopts the principle of "compliance, cost efficiency, market competition, customer differentiation and service distinction". It proactively implements regulatory policies and enhances financial service price control to ensure compliant, appropriate and orderly prices, thereby protecting customers' rights and interests, reported the press-centre of ABC. 

Implement a unified service price control mechanism

The current Service Price Standards of Agricultural Bank of China (2012) complies with the requirement of making public charging items, service quality and prices, functions and favorable policies by the regulatory authority. It supplements and improves the names and function descriptions on the original price list, regulates and unifies price standards, and sorts out and integrates favorable policies and items. Moreover, it also optimizes and clarifies internal management authorization and procedure without adding new charging items or increasing prices. The current price standards cover 405 items under 10 categories, that is, RMB basic settlement (government guided prices), RMB non-basic settlement, e-Banking, bank card, investment banking, guaranteed commitment, wealth management, custody, pension and foreign exchange business.

ABC implements a unified service price control mechanism. The Head Office is in charge of formulating pricing management measures, price standards and exemption and reduction policies, while all the branches should strictly implement price standards set forth by the Head Office.

Assure the public of rights to know and supervise?

All ABC outlets had released the price standards to the public with the principle of openness, transparency, inclusiveness and full detail before March 31. ABC adopted different means of publicity for different financial consumption modes. As for e-Banking services, a notice was put up on its portal website. As for counter services, all the branches placed paper manuals in their outlets, and well-equipped branches were encouraged to print and distribute leaflets, and put up a notice on electronic rolling screens and self-service terminal devices. The public could make inquiry through outlets and 24h customer service hotline.

Moreover, ABC requires all its branches to keep customer service and complaint hotline 24-hour in service, and provide customer books, complaint email address and mail boxes to provide user-friendly reporting and complaining channels for customers. It also demands that reporting and complaining hotline should be accessible and effective, and that staff should give answers and responses to any questions from customers. ABC promises to respond as quickly as possible to reports and complaints about violations.

Provide favorable policies for specific customers

As financial products and services diversify increasingly, ABC continues to improve its services for Sannong (agriculture, rural areas and farmers), support the development of small and micro enterprises, enhance financial services to people's livelihood and proactively fulfill its social responsibilities. 

ABC offers favorable policies to disadvantaged areas and people. Small-amount account management fee and charges for cards and passbooks are exempted and annual fees are halved for farmers holding the Kins Huinong Card. Withdrawal charges are discounted for holders of the Kins Huinong Card and card-holding migrant workers.

Moreover, ABC also offers preferential treatments to accounts related with people's livelihood. Small-amount account management fee is exempted, and at least one free demand deposit account is offered for the following: accounts for social security  benefit and housing provident fund and for bill payment such as water, electricity and gas, designated accounts for personal loan repayment and automatic repayment of credit cards, accounts for social security or other specific purposes such as medicare card, social security card, travel card and vehicle and vessel tax card, accounts that the civil affairs department uses to deliver minimum living allowance, and accounts owned by people from designated counties by the national poverty alleviation authority.

ABC also gives preferential treatments to small and micro enterprises and other special customers. Charges for RMB & foreign currency settlement and clearing are greatly reduced for small and micro enterprises. Fees and charges are also reduced or exempted for low-income families. Transfer charges are also exempted for people who donate to disaster-affected areas and the Red Cross.