Private Banks' Off-site Deposits Tightened: Some Existing Products Restricted from New Additions, Localization Rectification Enters Countdown

Recently, the topic of "14 private banks suspending or restricting personal off-site deposits" has sparked heated online discussion. An insider at a private bank told reporters: "Territory-based deposit management has in fact long been implemented, but the policy standards and requirements of regulators vary from place to place, so the timing of implementation differs across institutions, with the overall requirement being to achieve territory-based management by the end of 2027." The person also said that at this stage no new products of this kind can be added, and some existing products likewise cannot be increased.