DBS gets nod for wholly owned local subsidiary in India

Singapore

DBS Bank India (DBS India), part of Asia's leading financial services group DBS Group Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to convert its existing franchise to a locally incorporated wholly owned subsidiary (WOS).

Announcing this on Monday, DBS said it will leverage its overall strengths and resources, and its experience in India, through the wholly owned subsidiary, to build a scalable business through a multi-channel strategy, including a combination of digital and physical formats to allow the bank "to cater to the requirements of convenience and presence by its target customer segments".