RBI Includes ‘NongHyup Bank’ In The List of Scheduled Banks Under Schedule II of RBI Act, 1934

The Reserve Bank of India (RBI) has announced that the NongHyup Bank from South Korea has been included in the Second Schedule of the RBI Act, 1934. This is an important moment for NongHyup Bank, which began operating in India in 2016. This move will enhance the bank's presence and expand its financial operations in India. NongHyup Bank, founded in 2012 and currently owned by the National Agricultural Cooperative Federation (NACF), is deeply tied to the agricultural sector and serves the financial needs of farmers and the rural Korean community. Since its entry into the Indian market, the bank's aim has been to support and improve India's rural economy, contributing significantly to the development of the country's agricultural sector. Inclusion in the Second Schedule grants NongHyup Bank certain privileges, bolstering their operations in India, and also helps in strengthening the financial relations between South Korea and India.

Important Points to remember:

  1. NongHyup Bank has been included in the Second Schedule of the RBI Act, 1934 by the Reserve Bank of India.
  2. The bank has been operational in India since 2016 and is known for its work in the agricultural sector.
  3. Being part of the Second Schedule, NongHyup Bank can now perform a wider range of banking activities in India.
  4. The move strengthens not only NongHyup Bank’s operations but also the economic ties between South Korea and India.