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NongHyup Bank Added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2023-24/49 · issued 18 Jul 2023 · ~1 min read
Quick answerRBI has included NongHyup Bank in the Second Schedule of the RBI Act, 1934, effective June 20, 2023. This grants it scheduled bank status, subjecting it to RBI's regulatory framework and privileges under Indian banking law.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore at NongHyup Bank must now ensure that all transactions with other scheduled banks are compliant with RBI's statutory reserve and reporting norms, and review any existing exposure or counterparty limits to reflect NongHyup Bank's new regulatory status.

What changed

NongHyup Bank was added to the Second Schedule of the RBI Act, 1934 via notification DoR.LIC.No.S1568/23.13.164/2023-24 dated June 20, 2023. The inclusion was published in the Gazette of India (Part III, Section 4) for July 15-21, 2023.

What it means for you

NongHyup Bank has been added to the Second Schedule of the RBI Act, 1934, thereby becoming a scheduled bank under Indian law.

What you must do

Who it affects

NongHyup Bank, Banks that transact with NongHyup Bank

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

What does inclusion in the Second Schedule mean for NongHyup Bank?

It becomes a scheduled bank under the RBI Act, as indicated by the notification dated June 20, 2023.

When did this inclusion take effect?

The notification was issued on June 20, 2023, and the Gazette publication covered July 15‑21, 2023.

Do other banks need to take any action?

Banks should update their records to reflect NongHyup Bank's scheduled status when dealing with it.

📜 Read the original circular — full text as issued by RBI
RBI/2023-24/49 DoR.RET.REC.25/12.07.160/2023-24 July 18, 2023 All Banks Madam / Dear Sir, Inclusion of “NongHyup Bank” in the Second Schedule of the Reserve Bank of India Act, 1934 It is advised that “NongHyup Bank” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide 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. Yours faithfully, (Brij Raj) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2023-24/49 · issued 18 Jul 2023. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Review any existing exposure or counterparty limits to reflect its new regulatory status.
💻 IT / Systems
  • Update your internal systems to recognize NongHyup Bank as a scheduled bank for interbank transactions.
📜 Compliance
  • Ensure compliance with RBI's statutory reserve and reporting norms when dealing with NongHyup Bank.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (NongHyup Bank, Banks that transact with NongHyup Bank), your first concrete step on “NongHyup Bank Added to RBI Second Schedule” is: “Update your internal systems to recognize NongHyup Bank as a scheduled bank for interbank transactions.” (RBI issued this 18 Jul 2023).

  1. Circular: RBI/2023-24/49 -- NongHyup Bank Added to RBI Second Schedule
  2. Issued: 18 Jul 2023
  3. Action required: Update your internal systems to recognize NongHyup Bank as a scheduled bank for interbank transactions.
  4. Action required: Ensure compliance with RBI's statutory reserve and reporting norms when dealing with NongHyup Bank.
  5. Action required: Review any existing exposure or counterparty limits to reflect its new regulatory status.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12523&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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