BEIJING -- A total of 440 village banks were operating in China by the end of May, with another 96 under construction, the nation's banking regulator said Wednesday.

Since China lowered the threshold of opening village banks in 2006, the industry has developed in a positive way, the China Banking Regulatory Commission (CBRC) said in a statement on its website.

Total assets of the village banks reached 149.26 billion yuan ($22.96 billion) by the end of May. The non-performing loan ratio stood at 0.12 percent, it said.

Village banks' operations have been healthy in general, with risks within control, according to the statement.

It also noted the banks have extended 56.86 billion yuan of loans to rural residents and small business since 2007.