The Reserve Bank of India (RBI) has officially added “NongHyup Bank” to the Second Schedule of the RBI Act, 1934. This decision holds immense significance for NongHyup Bank, a prominent financial institution based in Jung-gu, Seoul, South Korea, which has been actively operating in India since its establishment in 2016. The inclusion in the Second Schedule marks a pivotal moment for the bank, as it will bolster its presence and strengthen its financial activities in the Indian market, with a particular focus on supporting the agricultural and rural sectors.
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