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(14/01/2026 19:11)

RBI Grants In-Principle Approval to Japan’s SMBC to Set Up Wholly Owned Subsidiary in India

The Reserve Bank of India (RBI) on Wednesday said it has granted “in-principle” approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan, to set up a wholly owned subsidiary (WOS) in India.

SMBC currently operates in India through four branches located in New Delhi, Mumbai, Chennai, and Bengaluru.

In a statement, the RBI said the approval has been granted for the establishment of the wholly owned subsidiary through the conversion of SMBC’s existing branches in India, subject to compliance with applicable regulatory requirements.
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