RBI Approves Japan’s SMBC to Set Up Wholly Owned Banking Subsidiary in India
On January 14, the Reserve Bank of India (RBI) gave Sumitomo Mitsui Banking Corporation (SMBC) of Japan "in-principle" approval to establish a wholly-owned subsidiary (WOS) in India. With four branches in Bengaluru, Chennai, Mumbai, and New Delhi, SMBC presently operates banking activities in India via branch format. With