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SMBC GETS RBI NOD TO OPEN INDIA UNIT
Hindustan Times Pune
|January 15, 2026
The Reserve Bank of India (RBI) on Wednesday said it has decided to allow Sumitomo Mitsui Banking Corp. (SMBC) to operate a wholly-owned arm in India, four months after the Japanese financial services giant bought out nearly a quarter of private lender Yes Bank.
The central bank said Sumitomo Mitsui Banking Corp. has operations in India in branch mode from its offices in New Delhi, Mumbai, Chennai and Bengaluru.
RBI has decided to grant in-principle approval to SMBC for setting up a wholly owned subsidiary (in India, under the Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025, according to an RBI statement.
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