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Singapore's DBS wins RBI nod to start subsidiary banking operation in India

RBI had said in 2013 it would treat foreign banks operating on nearly equal terms with local lenders

Reuters  |  Mumbai 

DBS Bank Ltd is a Singaporean multinational banking and financial services company
DBS Bank Ltd is a Singaporean multinational banking and financial services company

Singapore's biggest lender Group Holdings has won the Reserve Bank of India's approval to provide banking services in the country through a wholly-owned subsidiary, its CEO said on Monday.

Piyush Gupta said the bank expects to move to a subsidiary structure from the current branch structure in the country in the next six to nine months and was open to injecting more capital into the Indian business.

The had said in 2013 it would treat foreign banks operating in the country on nearly equal terms with local lenders if they moved to a wholly owned subsidiary structure.

However, very few banks have shown interest. was among the first to apply for a wholly-owned subsidiary in India.

The approval gives the ability to expand its products and increase the number of its branches across India.

 

 

First Published: Mon, September 04 2017. 20:18 IST
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