Singapore’s DBS Bank will launch its India subsidiary in October. It will become the second foreign bank to open a local unit.
The first foreign bank to launch its subsidiary in India was State Bank of Mauritius in 2017, after RBI came out with the regulations in 2013.
DBS said the setting up of the local subsidiary will be completed once the Reserve Bank of India gives final approval.
Speaking to the media recently in Mumbai, Piyush Gupta, Group CEO and Director of DBS Bank, said, “India is one of the six core markets for the bank and the local unit is well-capitalised with capital adequacy ratio of INR50,000 million (SGD992.68 million).”
DBS is also looking to increase its footprint by adding another 50 branches and 70 banking outlets over the next one year. The bank is also looking to hire 600-800 new employees to meet its business requirements.