Question
The Reserve Bank of India (RBI) has officially added
________ to the Second Schedule of the RBI Act, 1934 so as to bolster its presence and strengthen its financial activities in the Indian market.Solution
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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