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SMBC gets RBI approval for wholly owned arm
Financial Express Chandigarh
|January 15, 2026
Stage set for a potential integration with Yes Bank
THE RESERVE BANK of India (RBI) on Wednesday granted an in-principle approval to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to establish a wholly owned subsidiary (WOS) in India.
With this approval, SMBC is set to become only the third foreign bank to receive a WOS licence in India, after State Bank of Mauritius and DBS Bank — the latter having merged with Lakshmi Vilas Bank (LVB) in 2020, leading to LVB’s dissolution as a standalone entity.
“The Reserve Bank of India (RBI) has decided to grant ‘in-principle’ approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan for setting up a Wholly Owned Subsidiary (WOS) in India, under the Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025,” the central bank said.
This story is from the January 15, 2026 edition of Financial Express Chandigarh.
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