On July 3, a notice of administrative penalties from the Shangluo Supervision Branch of the National Financial Regulatory Administration was published.
The notice shows that Shaanxi Danfeng Rural Commercial Bank has been fined 700,000 yuan by the Shangluo financial regulatory branch.
The penalties were issued due to the bank's failure to follow proper procedures in approving significant connected transactions and inadequate management of working capital loans.
Relevant responsible personnel, Ma Jun and Li Lumin, have each been given a warning.
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