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
- Update your internal systems to recognize NongHyup Bank as a scheduled bank for interbank transactions.
- Ensure compliance with RBI's statutory reserve and reporting norms when dealing with NongHyup Bank.
- Review any existing exposure or counterparty limits to reflect its new regulatory status.
Who it affects
NongHyup Bank, Banks that transact with NongHyup Bank
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.