Question
Which entity has been granted 'in-principle' approval by the RBI to set up a Wholly Owned Subsidiary (WO
- S in India?
Solution
The Reserve Bank of India has granted 'in-principle' approval to Sumitomo Mitsui Banking Corporation (SMBC), Japan, to set up a Wholly Owned Subsidiary (WOS) in India. This move aligns with the RBI’s 2025 guidelines for the establishment of WOS by foreign banks.
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