Banks told to step up teller-fraud procedures

The China Banking Regulatory Commission on Friday ordered banks to improve their internal controls and prevent "operational risks" at tellers' windows.

Deng Zhiyi, director-general of the CBRC's banking consumer protection department, said: "With the economic slowdown, banks can no longer maintain double-digit profit growth ... competition for deposits has become increasingly intense.

"The CBRC aims to stop banks from putting too much pressure on branches to expand deposits and profits. Under this pressure, many branches have broken the rules."