Mumbai, Jan. 14 -- The Reserve Bank of India (RBI) has granted 'in-principle' approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan for setting up a Wholly Owned Subsidiary (WOS) in India.

The approval comes under the Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025.

SMBC is currently carrying on banking business in India in branch mode through its four branches located in New Delhi, Mumbai, Chennai and Bengaluru. The 'in-principle' approval has been granted to the bank for setting up a WOS through conversion of its existing branches in India, RBI said in a statement.

The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) o...