Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 0 minute ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
DBS Bank gets RBI nod to make franchise into subsidiary
September 06, 2017
 Print    Send to Friend

MUMBAI: DBS Bank India said that it has received ‘in-principle’ approval from the Reserve Bank of India (RBI) to convert its existing India-based franchise to a ‘locally incorporated wholly-owned subsidiary (WOS)’.

“DBS has been present in India for over 20 years. Over this time, we have grown to become the fifth-largest foreign bank in India,” said Piyush Gupta, CEO, DBS Group.

“As we look into the future, I believe India’s consumption boom, investment and export drive, as well as positive policy action, will further fuel its growth, making it one of the biggest stories in Asia by 2030.”

“With this local incorporation, DBS will be able to build greater scale in India, enabling us to better participate in India’s rise,” Gupta said in a statement. According to the company, it will deepen its relationship with large corporates by offering financing solutions across their entire value chain.

“While the bank will continue to actively leverage its Asia-wide connectivity to drive profitable growth through cross-border banking solutions, WOS will enable the bank to offer competitive transaction banking and supply chain solutions through specialised offerings that span both cash management and trade finance in the local markets as well,” the statement added.

DBS India is part of Asia’s leading financial services group DBS Group Holdings. DBS was the first Singapore bank to set up a representative office in India in 1994, upgrading it to a formal bank branch in 1995.

Indo-Asian News Service

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
RBI enhances housing loan limits under PSL
MUMBAI: The Reserve Bank of India (RBI) enhanced the housing loan limits under priority sector lending (PSL) to Rs35 lakh in metropolitan centres under the affordable hou..
RBI urges NBFCs to lend more to small, medium sectors
Mumbai: Non-banking financial companies (NFBCs) need to focus more on medium and small enterprises, the returns from which are much higher than from large corporates to w..
Forex reserves deplete by $593.7 million, RBI data shows
MUMBAI: India’s foreign exchange (Forex) reserves depleted by $593.7 million as on June 1, an official data showed. According to the Reserve Bank of India’s (RBI) week..
RBI’s ‘neutral’ stance boosts Indian equity indices
Mumbai:The key indices of the Indian equity market made healthy gains on Wednesday as investors’ risk taking appetite was enhanced after the Reserve Bank of India (RBI) m..
India’s forex reserves plunge by $2.23 billion
MUMBAI: India’s foreign exchange (Forex) reserves plunged by $2.23 billion as on May 25, official data showed. According to the Reserve Bank of India’s (RBI) weekly stati..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright