SMBC to transform India branches into subsidiary after conditional RBI nod

The Japanese megabank will transform its local presence into a centralised corporate structure.

Sumitomo Mitsui Banking Corporation (SMBC) has received ‘in-principle’ approval to set up a wholly owned subsidiary (WOS) in India.

The Japanese megabank is already present in India through four branches located in New Delhi, Mumbai, Chennai, and Bengaluru.

The subsidiary will be set up using these existing branches, the Reserve Bank of India (RBI) said in an online announcement on 14 January 2026.

The RBI said that it would consider granting a licence for commencement of banking business in WOS mode to SMBC when it is satisfied that the bank has complied with the requisite conditions laid down by RBI as part of ‘in-principle’ approval.