ICA-AP Chairman Dr Chandra Pal Singh Yadav and IFFCO MD Dr U S Awasthi participated in the launching of the first branch of South Korea’s Nonghyup Bank in India. Nonghyup Bank operates under cooperative fold and has won top rankings on Co-op Monitor in the past.
The branch was inaugurated in Noida. On this occasion, former Cabinet Minister Sidharth Nath Singh was also present. It bears recalling that last year, South Korean Nonghyup got in-principle approval for establishing its first branch in India – in Noida, Uttar Pradesh.
With this, the Nonghyup Bank becomes the sixth Korean bank in India to get permission to conduct business in India. Other Korean banks Shinhan Bank, KEB Hana, KB Kookmin, Woori, and Industrial Bank of Korea (IBK) have already entered India. Shinhan was the first South Korean bank to enter India in 1996.
Sidharth Nath Singh wrote on twitter, “I was delighted to attend the inaugural of 6th South Korean Bank “NongHyup Bank” in India at Noida. Was a pleasure to meet and interact with His Excellency Ambassador Chang Jae – bok”.
In his tweet, ICA-AP Regional Director Balu Iyer wrote, “Pleasure to attend the launch of first Nonghyup Bank #Korea in #India. Speaking at the opening @drusawasthi said @IFFCO_PR and NACF share much in common – top 300 #cooperatives, goal of farmer interest, passion for innovation, & part of @icacoop ICA! Wish NH Bank all success!”