 "DBS Bank opens new wholly owned subsidiary in India")
DBS has applied to the Reserve Bank of India (RBI) to convert its branches into a wholly-owned subsidiary. The lender had applied to the regulator in April. Once approvals are granted, DBS would have to give another application to RBI for amalgamation of its businesses.
After getting that, it will be able to convert its branches into a subsidiary. Earlier, the bank had said that by January-March quarter the bank would have converted into a wholly-owned subsidiary.
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