RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934
Bhavya Singh
22 July 2023 6:00 AM GMT
The Reserve Bank of India (RBI) vide Notification DoR.RET.REC.25/12.07.160/2023-24 addressing all banks, has informed about the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934. Nonghyup Bank is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 2012 as detached from, and is now owned by the NACF. Nonghyup...
The Reserve Bank of India (RBI) vide Notification DoR.RET.REC.25/12.07.160/2023-24 addressing all banks, has informed about the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.
Nonghyup Bank is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 2012 as detached from, and is now owned by the NACF. Nonghyup Bank entered India in 2016.
The above inclusion was made through vide a previous notification (Notification DoR.LIC.No.S1568/23.13.164/2023-24 dated June 20, 2023) and published in the Gazette of India (Part III - Section 4) dated July 15 - July 21, 2023.
Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. Reserve Bank of India (RBI) in turn includes only those banks in this Schedule which satisfy all the criteria laid down vide section 42(6)(a) of the said Act.
Notification DoR.RET.REC.25/12.07.160/2023-24
Date: 18.07.2023
