[webinarian]

Based on the descriptions of many depositors, they purchased the Internet deposits of the above-mentioned village banks through apps such as Du Xiaoman, JD Finance, Tianxing Finance (formerly Xiaomi Finance), and You Wealth under  Digits. The annualized interest rate ranges from 4.1% to 4.9%. . Later, due to the rectification of Internet deposits by supervision, the above-mentioned third-party Internet financial platforms successively removed related deposit products in December 2020. In January 2021, the China Banking and Insurance Regulatory Commission and the People's Bank of China jointly issued the "Notice on Regulating Commercial Banks' Personal Deposit Business through the Internet" (hereinafter referred to as the "Notice"). The "Notice" clarifies that commercial banks are not allowed to conduct fixed deposits and fixed-life dual-convenience deposits through non-self-operated online platforms. Affected by this policy, some depositors have been diverted from the Internet financial platform to the WeChat applet of the bank to directly purchase deposit products. According to the information provided by the depositor Mr. Zhou, he received the Zhecheng Huanghuai Rural Bank, and the short message linked the website of the Chenghuanghuai Rural Bank's applet, through which he could enter the bank's official account applet. A variety of deposit products have been purchased in the applet. From April 18th to 19th, 2022, four rural banks, Yuzhou Xinminsheng Rural Bank, Shangcai Huimin Rural Bank, Zhecheng Huanghuai Rural Bank and Kaifeng New Oriental Rural Bank, successively issued announcements to remind the system to upgrade. The system will be upgraded and maintained, and online banking and mobile banking services will be suspended.

This means that the village banks involved closed the online withdrawal and transfer channels without warning, which caused panic among depositors.

It is like last time dbs sold Lehman bro product.

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