This undated file photo shows the headquarters of China Banking and Insurance Regulatory Commission in Beijing, China. (PHOTO / IC)

BEIJING- State-owned Industrial and Commercial Bank of China and China Development Bank were among seven financial institutions to be fined as China's top banking and insurance regulator has slapped fines totaling almost 200 million yuan (about US$30.9 million) on institutions and individuals in its first crackdown on financial violations this year.

The China Banking and Insurance Regulatory Commission has fined seven financial institutions

The Industrial and Commercial Bank of China was fined 54.7 million yuan due to violations including inadequate information disclosure for its wealth management products.

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The China Development Bank, one of the country's major policy banks, was fined 48.8 million yuan for breaches including the illegal collection of loan commitment fees from small and micro businesses.

The China Banking and Insurance Regulatory Commission said it would continue to vigorously rectify financial irregularities, strengthen financial support for the real economy, and forestall systemic financial risks. 

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