DBS becomes second bank to get in-principle nod to operate as wholly-owned unit
Posted on:05 Sep 2017 14:50:17
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05 September 2017 Current Affairs: Singapore-based bank DBS got final approval to operate as a wholly-owned subsidiary (WOS) in India after a delay of two years.
DBS is the second foreign lender after SBM (Mauritius) to get an in-principle approval to operate as WOS in India.
The DBS Bank has a strong network in the form of Digibank in India with about 1.5 million customers.
DBS operates through 12 branches in the country at present with over a million customers. The bank has already drawn up plans of expanding presence in the country in a staggered way which is included in the application submitted.
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