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Informist, Wednesday, Jan. 14, 2026

 

--RBI allows Sumitomo Mitsui Banking Corp to set up wholly owned India arm 
 

NEW DELHI – The Reserve Bank of India has decided to grant in-principle approval to Sumitomo Mitsui Banking Corporation, Japan, to set up up a wholly-owned subsidiary in India, the central bank said in a press release Wednesday. "The ‘in-principle' approval has been granted to the bank for setting up a WOS (wholly-owned subsidiary) through conversion of its existing branches in India," the RBI said.

 

Sumitomo Mitsui Banking Corp. currently carries on banking business in India in branch mode through its four branches located in New Delhi, Mumbai, Chennai and Bengaluru. The RBI would consider granting a licence for commencement of banking business in wholly-owned subsidiary mode to the lender on being satisfied that the bank has complied with the requisite conditions laid down by RBI as part of ‘in-principle' approval, it said. 

 

Sumitomo Mitsui Banking Corp. was in the news last year as it acquired a total of 24.2% shareholding in YES Bank. The RBI had approved the restructuring of YES Bank's Board following Sumitomo Mitsui Banking Corp. acquiring up to 24.99% of the paid-up share capital or voting rights of the bank.  End

 

Reported by Pratiksha

Edited by Vandana Hingorani

 

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