DBS gets RBI nod to set up local subsidiary

The Singapore-headquartered DBS Bank has received an in-principle approval from the RBI to convert its Indian branch into a wholly owned subsidiary. While this will enable the bank to freely expand across the country like other private banks, it will also require the multinational lender to provide loans to farmers and small businesses.

DBS was the first foreign lender to apply for a local subsidiary and is now the second to get an in-principle approval after State Bank of Mauritius.  DBS also inaugurated its new 1,00,000-sq-ft headquarters at Nariman Point here. According to Gupta, the investment in the new office marked the bank's commitment to the Indian market. He said that the bank, which had 1,200 employees in India and an additional 800 in a technology centre, expected the bank staff headcount to double in a few years.

DBS is currently the largest Singapore bank in India and the fifth-largest foreign bank in India by assets.

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