The China Banking and Insurance Regulatory Commission imposed the fines in November for violations ranging from investing funds gathered from wealth management products in property projects to misleading advertising, according to statements published by the watchdog on Friday.

The six banks include the country’s fifth-largest lender Bank of Communications, which was penalised 7.4 million yuan, China Citic Bank 22.8 million yuan and China Zheshang Bank 55.5 million yuan.

Two employees of China Minsheng Bank were also penalised because they were responsible for “serious violation of prudent principles in lending”, the statement said.

This was one of the largest penalties handed out this year by the regulator, which has increasingly tightened its oversight on the US$40 trillion banking sector since 2016, when China made tackling financial risks one of its top priorities.