RBI gives nod to Japan's SMBC for wholly-owned subsidiary in India

RBI on Wednesday said it has decided to grant in-principle approval to Japan's Sumitomo Mitsui Banking Corporation (SMBC) for setting up a wholly-owned subsidiary in India. Currently, SMBC is carrying on banking operations in India in branch mode. The wholly-owned subsidiary will be set up through conversion of existing branches and will give the bank greater flexibility in its operations.