SMBC gets approval for wholly owned subsidiary in India

MUMBAI: RBI has granted in-principle approval to Japan's Sumitomo Mitsui Banking Corporation to convert its India operations from the branch model to a wholly owned subsidiary, as part of its framework for localising foreign bank operations while strengthening regulatory oversight.

SMBC currently operates through four branches in Delhi, Mumbai, Chennai and Bengaluru, and the approval allows the bank to convert these branches into a locally incorporated subsidiary with its own capital base, balance sheet and governance structure.