Its business scope includes absorbing public deposits, issuing short-term, medium-term and long-term loans, handling domestic and international settlement, bill acceptance and discount, agency issuance, agency payment, underwriting national debt, acting as an agent to buy and sell foreign exchange, bank card business, providing letter of credit services and guarantees, and acting as an agent to receive and pay money. Bank of Shang Lin Limited was established with the approval of the former China Banking Regulatory Commission.
Are rural commercial banks private or state-owned?
Rural commercial banks are state-owned financial institutions. Its predecessor was the rural cooperative bank, which once existed as the core of the collective economy. Nowadays, rural commercial banks have been managed by the state. Therefore, rural commercial banks, as national financial institutions, undertake the important mission of serving rural economic development and farmers.