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SMBC gets RBI nod to set up subsidiary in India
The Morning Standard
|January 15, 2026
JAPAN’S Sumitomo Mitsui Banking Corporation (SMBC) is set to receive ‘in-principle’ approval from the Reserve Bank of India (RBI) for setting up a wholly-owned subsidiary (WOS) in India.
SMBC is currently carrying out banking business in India in branch mode through its four branches located in New Delhi, Mumbai, Chennai and Bengaluru. The ‘in-principle’ approval has been granted to the bank for setting up a WOS through conversion of its existing branches in India. “The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) of the Banking Regulation Act, 1949 to SMBC on being satisfied that the bank has complied with requisite conditions laid down by RBI as part of ‘in-principle’ ap
Dit verhaal komt uit de January 15, 2026-editie van The Morning Standard.
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