NH Nonghyup Bank has incinerated 16.4 billion won in long-term delinquent loans, assisting 5,430 farmers in restoring their credit and economic stability.
On September 18, the bank's bad debt reserve fund held a meeting where it announced the incineration of 6,857 loans, totaling 16.4 billion won, which included expired claims and loans discharged through personal rehabilitation and bankruptcy.
This debt incineration allows the 5,430 farmers burdened by long-term debt to escape their financial obligations and regain opportunities for credit recovery and economic activity.
Including this latest incineration, the bad debt reserve fund has now eliminated a total of 674.7 billion won in loans, benefiting a total of 80,404 farmers.
During the meeting, discussions were also held on improving financial support systems for farmers, with plans to revise forms and expand the range of eligible loans.
Lee Young-woo, Deputy Head of the Agricultural and Public Finance Division at NH Nonghyup Bank, stated, "This debt incineration is a practice of inclusive finance that provides an opportunity for farmers who have faced economic difficulties for a long time to rise again. We will faithfully fulfill our social role in finance as a strong partner for farmers."
* This article has been translated by AI.
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