New Delhi, Jan. 14 -- Japan's Sumitomo Mitsui Banking Corporation (SMBC) on Wednesday, 14 January 2026, disclosed that the lender received an 'in-principle' approval from the Reserve Bank of India (RBI) to set up a subsidiary in India.

"The Reserve Bank of India (RBI) has decided to grant 'in-principle' approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan for setting up a Wholly Owned Subsidiary (WOS) in India, under the Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025," according to RBI data.

(This is a developing story. Please check back for updates.)

Published by HT Digital Content Services with permission from MINT....