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Published on : May 21, 2015

At a time when global banking is standing on the verge of internet revolution, the central bank of China has finally given a nod to digitizing its operations. In a decision taken by the Central Bank of China, which by many is viewed as a major breakthrough, the Chinese banks will now allow customers to open their accounts online without having to visit the brick and mortar branch of the bank. The information was first revealed by China News.

Drawing reference to the news published in the Southern Metropolis Daily, China News said that Central Bank has recently issues the draft wherein it has described the change in policy with regards to opening a bank account. 

The circular however, made it very clear for the banks to adhere to the basic rules and regulations for opening a new bank account. It is mentioned in clear words in the circular that banks must judiciously check the identity of the account holder before accepting him as a bank customer to prevent corruption, fraudulent practices, and money laundering. The circular also said that though the option of opening a bank account online will remain available, yet it is always preferable for the customer to personally visit the bank for opening an account. The circular also mentioned that the service will not be available for non-residents or for Chinese citizens who at present is living abroad. 

As reported by China News, the circular also urges banks across China to adopt the most contemporary and safe technology for their digitized bank operations. An anonymous source from the industry revealed that they did not expect the Central Bank to give approval for fully opening accounts online due to the risks involved.