RBI Approves Sumitomo Mitsui Banking's Wholly-Owned Subsidiary in India

• The Reserve Bank of India (RBI) has granted in-principle approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan.
• SMBC will set up a wholly-owned subsidiary (WOS) in India, converting its existing four branches.
• The approval falls under the RBI (Setting up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025.
• SMBC currently operates through branches in New Delhi, Mumbai, Chennai, and Bengaluru.
• A final license will be granted under Section 22(1) of the Banking Regulation Act, 1949, upon compliance with conditions.

Why It Matters: RBI grants in-principle approval for Sumitomo Mitsui Banking to establish a wholly-owned subsidiary in India.