The Henan bank crisis continues to worsen, as only a handful of depositors have received payments despite promises that the money would be repaid in batches. This is causing widespread anger and frustration among villagers and townspeople who had their life savings frozen in the scandal. The July 10 protest outside the Zhengzhou branch of the People’s Bank of China was the largest yet, with more than 1,000 people gathering to demand their money back. This situation is a serious concern for all Chinese citizens, as it raises questions about the solvency of China’s banks.
Henan villagers have been protesting outside the Zhengzhou branch of the People’s Bank of China (PBOC) since July 15, when they were supposed to receive the first batch of payments from a government-ordered deposit refund program.
To date, only a handful of depositors have received any money, leading to fears that the banks may not have the funds to cover the refunds.
The Henan Provincial Financial Supervision Bureau has said that the payments will be made in batches, with the first batch due on July 15. However, non-mainstream media outlets believe that only a very small number of depositors have received any money so far.