Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Sumitomo Mitsui Banking Corporation
The name of “Sumitomo Mitsui Banking Corporation” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DBOD.IBD.No.9808/23.13.155/2012-13 dated January 09, 2013, published in the Gazette of India (Part III – Section 4) dated February 2, 2013.
Sumitomo Mitsui Banking Corp. will reenter the Indian market by establishing a subsidiary in New Delhi in fiscal 2012 to tap the growing economy, sources familiar with the matter said Wednesday, Kyodo news reported.
SBMC in its previous stint had branches in India, but in 2005, it left India. The current target customer group is Japanese companies operating in the country and local infrastructure projects.
Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934, indicates that an official Banking licence to operate has been received.
SMBC, is one of Japan’s three major banks, and will set up the subsidiary, instead of a branch. This is in line with the Indian government’s policy and will be the first foreign bank to enter the market through establishing a unit
- Business › Sumitomo Mitsui reports 33.9% profit jump (japantoday.com)
- Sumitomo Mitsui Said to Weigh Bid for TPG’s Indonesia Bank Stake – Bloomberg (bloomberg.com)
- Do we need more banks or bigger banks? (moneycontrol.com)
- Hidden Cash Lures Subbarao to Indian Villages Worth $24 Billion – Bloomberg (bloomberg.com)