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SMBC to set up wholly owned India arm after Yes Bank bet
BENGALURU: India’s central bank has granted in-principle approval to Japan’s Sumitomo Mitsui Banking Corp to set up a wholly owned subsidiary in the country, the regulator said on Wednesday.
SMBC, which last year bought a 24 per cent stake in Yes Bank, has so far operated in India through a branch structure. Converting to a subsidiary will give the lender greater operational flexibility and place it on a footing similar to domestic peers.
A wholly owned subsidiary is a separate legal entity in India, allowing banks to open branches without restriction while ring-fencing capital from the parent.
The approval comes as foreign banks seek deeper roots in India’s fast-growing financial market.
SMBC currently operates in India in branch mode through four offices in New Delhi, Mumbai, Chennai and Bengaluru. The in-principle approval allows the Japanese lender to set up a wholly owned subsidiary by converting its existing branches in the country.
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Hyundai Motor India rolls out nationwide AC check-up camp from April 10
Limited-period service drive offers discounts, free checks to beat summer heat
GURUGRAM: Hyundai Motor India Limited has announced a nationwide AC check-up camp, rolling out from April 10 to April 18, as temperatures climb and car cabins begin to feel the heat.
The initiative is designed to keep vehicles cool and customers comfortable, offering a mix of free inspections, discounted services and value-added benefits across Hyundai’s extensive service network in India.
As part of the limited-period campaign, customers can avail a complimentary 30-point vehicle check-up along with a free dry wash. The company is also offering a 15 per cent discount on AC servicing, including gas refills, and similar savings on wheel alignment and balancing. Key AC components such as compressors, condensers and cooling coils will be available at a 10 per cent discount, while value-added services like AC disinfectant treatments and plastic restoration also come with reduced pricing.
The camp will be hosted across authorised Hyundai workshops nationwide, allowing customers easy access to trained technicians, genuine parts and diagnostic support without the usual hassle.
Speaking on the initiative, Hyundai Motor India Limited national service head Nilesh Shah said, “At HMIL, customer satisfaction and convenience remain at the core of our service philosophy. With the onset of summer, we are pleased to introduce our nationwide AC check-up camp to ensure that our customers enjoy a comfortable and hassle-free driving experience. This initiative reflects our commitment to delivering proactive care and enhancing vehicle performance through our strong service network across India.”
With mercury levels on the rise, Hyundai’s timely service push aims to ensure drivers stay cool behind the wheel while also nudging them towards preventive maintenance, a small check today that could save a larger repair tomorrow.
