Business

DBS Bank gets RBI’s in-principle nod for local incorporation

The approval will help the bank accelerate India growth plans

Singapore-based DBS Bank received in-principle approval from the Reserve Bank of India (RBI) to convert its India operations into a locally incorporated, wholly-owned subsidiary (WOS).

“Through WOS, DBS will leverage its overall strengths and resources, along with its experience in India, to build a scalable business through a multi-channel strategy,” according to a statement from the bank.

DBS was the first foreign lender to seek RBI approval for local incorporation in 2014 after the central bank revised the guidelines for foreign banks.

Piyush Gupta, chief executive,DBS Bank, said though the bank can get the final approval in 12 months, it was confident of securing it in 6-9 months. The bank said the WOS route was an enabler for DBS India to expand its operations.

“The approval enables us to accelerate our growth plans, significantly expand our operations and build a wider footprint. As a WOS, DBS India will be able to better serve its customers, particularly SMEs, in support of the government’s Make-in-India initiative,” said Surojit Shome, CEO, DBS India.

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Printable version | Jul 2, 2020 12:53:14 PM | https://www.thehindu.com/business/dbs-bank-gets-rbis-in-principle-nod-for-local-incorporation/article19621092.ece

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