CHINA'S banking and financial regulator has imposed fines of more than 17 million yuan ($2.37 million) on 17 banks for breaching regulations on loan management products and lending, the latest move to oversee and regulate financial institutions and financial markets, the Securities Times reported on Sunday.

On Friday, the National Financial Regulatory Administration (NFRA) issued 55 new penalty notices, affecting various banking entities including national development banks, state-owned commercial banks, joint-stock banks, urban and rural commercial banks and village banks. Two individuals were barred from the industry for life.