The People's Bank of China's Nujiang Prefecture branch has imposed a penalty on a local branch of Postal Savings Bank of China (PSBC).

According to an administrative penalty decision published on June 12, the Nujiang Prefecture branch of Postal Savings Bank Of China Co.,Ltd. (PSBC) was found to have violated multiple financial regulations.

The infractions included breaches of financial statistics management rules, payment and settlement management regulations, currency and precious metals management stipulations, and credit information management rules.

As a result, the branch was issued a formal warning and fined a total of 672,500 yuan by the local central bank authority.