Key Points: RBI approval to SMBC permits Sumitomo Mitsui Banking Corp. to convert its Indian branches into a wholly owned subsidiary, expanding its local banking presence. India’s central bank has granted in-principle RBI approval to SMBC to convert its four Indian branches into a wholly owned subsidiary, a move that could strengthen its strategic partnership with YES Bank. The RBI said it will consider granting a full banking license once it is satisfied that SMBC has met all terms attached to the in-principle RBI approval to SMBC. Move Strengthens SMBC Role in YES Bank StrategyThe RBI approval to SMBC is significant for YES Bank, where SMBC emerged as the largest shareholder in 2025 after acquiring a 24.22 percent stake. Earlier in the day, YES Bank shares rose 0.70 percent to close at 22.95 rupees on the Bombay Stock Exchange, reflecting muted but positive investor sentiment.

Source: Mint January 16, 2026 15:47 UTC