Japan's banking relationship with India – expected to be the world's third-largest economy in 2030 – goes back to 1894.

MUFG Bank has agreed with India’s central bank to support growth of Japanese companies in India, and to help Indian firms building business in Japan and internationally. 

The pact mixes SBI’s domestic network and customer base that is rooted in the Indian market with MUFG’s global network and expertise in cross-border finance, MUFG said in a recent statement. 

As trade relationships shift – Japan and mainland China are potentially at odds over issues such as trade and geopolitics – Japan is seeking to diversify partnerships. India, the fast-growing emerging market country, is also planning to expand its economic reach. Links between the countries are long-standing. MUFG said India is due to become the world’s third largest economy by 2030. The former Yokohama Specie Bank (predecessor of the Bank of Tokyo) opened a branch in India in 1894. Today, MUFG operates from six locations in India. 

In December 2025, MUFG Bank announced that it was investing in Shriram Finance Limited.