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India’s Central Bank Approves Japan’s SMBC to Set Up Wholly Owned Subsidiary

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Mumbai, Jan 14 (IANS) India’s central bank on Wednesday announced that it has given in-principle approval to Japan’s Sumitomo Mitsui Banking Corp (SMBC) to set up a wholly owned subsidiary in the country — marking an important step in the bank’s expansion plans in the Indian market.In a statement, the Reserve Bank of India said the approval allows SMBC to move from its current branch-based operations to a locally incorporated subsidiary.Until now, the Japanese lender has been operating in…