Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 4 minutes 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
India’s main equity indices surge 1.79%
MUMBAI: Buying at lower levels and hopes of an easing monitory policy with the appointment of Shaktikanta Das as the new RBI Governor pushed the key equity indices 1.8 pe..
RBI policy stance needed rethink: Official
NEW DELHI: Economic Affairs Secretary Subhash Chandra Garg said the ‘calibrated tightening’ stance of RBI’s Monetary Policy Committee (MPC) probably needed a rethink even..
‘More efforts needed towards effective independence for RBI’
MUMBAI: A top Reserve Bank of India official said that undermining a central bank’s independence could be “potentially catastrophic”, in comments appearing to push back a..
RBI’s efforts to stabilise rupee drain $5.14 billion from forex reserves
MUMBAI: A strong US dollar and subsequent interventions by the country’s central bank to stabilise the rupee drained over $5.14 billion from India’s foreign exchange (for..
RBI eases regulations to increase liquidity flow for NBFC sector
MUMBAI: The Reserve Bank of India (RBI) on Friday came out with new measures to increase the liquidity flow to non-banking financial companies (NBFCs) and housing finance..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright