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DBS to convert its India operations into wholly-owned subsidiary from Mar 1

DBS, which was the first bank in India to launch digital-only operations as Digibank in 2016, has already received approval from the Reserve Bank of India for the wholly-owned subsidiary

Press Trust of India  |  Kolkata 

After RBI issued a framework to convert foreign banks' branches into subsidiaries in 2013, only DBS Bank and State Bank of Mauritius had received in-principle nod to adopt this route.

Singaporean lender DBS is set to convert its India operations into a wholly-owned subsidiary from Friday, and the transition will have no impact on the services and benefits extended to existing customers.

The Asian bank, which presently operates 12 branches in the country as a franchise, will be incorporated locally as DBS Bank India Ltd on March 1, DBS sources said.

The lender, however, in a recent communication to customers, said, "Mutual funds and insurance services on Digibank will be unavailable between 10 PM on February 28 till 6 AM on March 1."

DBS, which was the first bank in India to launch digital-only operations as Digibank in 2016, has already received approval from the Reserve Bank of India for the wholly-owned subsidiary.

The bank will be able to bring its "product innovation and technology-led delivery model from across Asia" for its customers, it had earlier said.

First Published: Thu, February 28 2019. 14:55 IST
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