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The Economic Times

Markets / The Economic Times

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SMBC gets RBIs in-principle nod for fully-owned India subsidiary

India's central bank has given Sumitomo Mitsui Banking Corp initial approval to establish a wholly-owned subsidiary. This move allows the Japanese bank greater operational freedom in India. Previously, Sumitomo Mitsui Banking Corp operated through a branch. The new subsidiary will be a separate legal entity, offering treatment similar to local banks.

14 Jan 2026 5:32 pm