The establishment of a commercial bank in accordance with the provisions of Article 11 of the Law of People's Republic of China (PRC) on Commercial Banks must be examined and approved by the the State Council Banking Regulatory Authority. Without the approval of the the State Council Banking Regulatory Authority, no unit or individual may engage in commercial banking business such as absorbing public deposits, and no unit may use the word "bank" in its name.
Article 47 Commercial banks shall not raise or lower interest rates in violation of regulations or use other improper means to absorb deposits and issue loans.
Extended data:
Article 12 of the People's Republic of China (PRC) Commercial Bank Law shall meet the following conditions for the establishment of a commercial bank:
(1) Having articles of association that conform to this Law and the Company Law of People's Republic of China (PRC);
(2) It has a registered capital meeting the minimum amount stipulated in this Law;
(3) Having directors and senior managers with professional knowledge and business experience;
(4) Having a sound organizational structure and management system;
(5) Having a business place, safety precautions and other business-related facilities that meet the requirements.
The establishment of commercial banks should also meet other prudential conditions.
Baidu Encyclopedia-People's Republic of China (PRC) Commercial Bank Law