Why rural commercial banks promote the transformation and development of microfinance

The general microfinance business of rural commercial banks is a microfinance for small and micro enterprises and individual farmers approved by the Banking Regulatory Bureau. Due to the high cost of capital use and the difficulty in loan approval, the development of rural commercial banks' loan business is limited. In order to better provide financial services for local small and micro enterprises and individual farmers, we should develop loan products that can be approved quickly and used flexibly so as to better serve the economic recovery. Transformation is the need of the situation.