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: A Brief Overview

  • 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.

NongHyup Bank’s Entry into India:

  • Nonghyup Bank made its foray into the Indian market back in 2016, aiming to leverage its expertise in agricultural banking to support and enhance the country’s rural economy.
  • Over the years, the bank has earned a reputation for its commitment to providing tailored financial services to farmers and rural communities, contributing to the development of India’s agricultural sector.

Inclusion in the Second Schedule:

  • The RBI’s decision to include NongHyup Bank in the Second Schedule of the RBI Act, 1934, holds immense importance for the bank’s operations in India.
  • Being part of the Second Schedule grants NongHyup Bank certain privileges and rights, allowing it to carry out a broader range of banking activities in the country.
  • This recognition by the RBI underscores NongHyup Bank’s strong financial standing and adherence to regulatory standards.
  • As a result, the bank gains access to various facilities provided by the central bank, including liquidity support, clearing services, and the ability to participate in government securities auctions.

Strengthening Indo-Korean Financial Ties

  • 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.

 Find More News Related to Banking

 

Piyush Shukla

Recent Posts

Valmik Thapar, Who Spent 50 years with Tigers, Passes Away at 73

Valmik Thapar, a famous wildlife and tiger conservationist, passed away in Delhi on May 31,…

21 hours ago

Rashtriya Boudhik Sampada Mahotsav-2025 at CSIR-IIP, Dehradun

CSIR-Indian Institute of Petroleum (CSIR-IIP), Dehradun celebrated Rashtriya Boudhik Sampada Mahotsav (RBSM) 2025 on 29th…

22 hours ago

Mary Earps Retires from International Football

Mary Earps, one of England's top football goalkeepers, has decided to retire from International football.…

22 hours ago

CBI’s Arrest Six Members of Cybercrime

The Central Bureau of Investigation (CBI) has arrested six people involved in a large cybercrime…

1 day ago

IPL 2025: Rohit Sharma Becomes First Indian Batter to Smash 300 Sixes

Rohit Sharma, one of the most prolific and celebrated batters in Indian Premier League (IPL)…

1 day ago

Kashmir’s First Cherry Cargo Train from Katra to Mumbai

Kashmir has taken a big step in fruit transport. For the first time, fresh cherries…

1 day ago