36 private banks get State approval: Report

Thirty-six privately owned banks have received approval by the State Administration for Industry and Commerce as part of the latest updates in the middle of November, the Securities Daily reported.

There were 22 privately owned banks ratified between July 5 and Oct 30 while 14 applicants obtained permission to register their privately owned banks in the first half of November.

On June 19, the State Council, China's cabinet, held an executive meeting to discuss a trial launch of privately run banks and financial agencies totally backed by private capital.