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

• In a recent notification, the Reserve Bank of India (RBI) has announced the addition of “NongHyup Bank” to the Second Schedule of the RBI Act, 1934. This significant move marks a pivotal moment for NongHyup Bank, which hails from Jung-gu, Seoul, South Korea, and has been actively operating in India since its establishment in 2016. The inclusion in the Second Schedule is set to enhance the bank’s presence and further its financial endeavors in the Indian market.

• NongHyup Bank, established in 2012, emerged as a detached entity from its previous ownership and is currently owned by the National Agricultural Cooperative Federation (NACF).

• With its roots deeply embedded in the agricultural sector, the bank has been serving the financial needs of farmers and the rural community in South Korea.

• This strategic move not only strengthens NongHyup Bank’s position in the Indian banking landscape but also fosters stronger economic ties between South Korea and India.

• By facilitating agricultural finance and rural development, NongHyup Bank’s presence in India is expected to contribute positively to both nations’ agricultural sectors.

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