BEIJING, May 9 (Xinhua) -- The China Banking and Insurance Regulatory Commission (CBIRC), the country's top banking and insurance regulator, on Saturday issued draft rules for the online loans of commercial banks.

The draft rules were issued to solicit public opinions in order to standardize the online loan business of commercial banks and promote the steady and healthy development of online lending business, the CBIRC said in a statement.

The commercial banks' online loans should be small in amount and short in term with high efficiency and controllable risks, it said.

The credit line of personal consumer credit by a single household shall not exceed 200,000 yuan (about 28,249 U.S. dollars), and the credit extension period shall not exceed one year if the principal is repaid in a lump sum upon maturity, it said.

The CBIRC also stressed risk management and required commercial banks to build a comprehensive risk management system for online lending business.

The rules can help improve commercial banks' supervision of online lending, make up for institutional weaknesses, prevent financial risks and improve the quality of financial services, it said.