The Reserve Bank of India (RBI) has given its final approval to the amalgamation of ‘DBS Bank, India’ with ‘DBS Bank India’.
The entity that has received the permission to operate as a wholly owned subsidiary (WOS) is a Singaporean lender.
Prior to this, DBS used to operate in the ‘branch model’. It is now among the first foreign lenders to initiate the process and operate as a WOS.
In its official communiqué, the RBI said that the scheme of merger between the two entities has been approved under the provisions of the Banking Regulation Act, 1949.
The scheme will be effective from March 01 and all the branches of DBS Bank in India will start functioning as branches of DBS Bank India, added the Central Bank.
DBS has around 12 branches across the country at present. It has plans to expand it to 50 branches in 30 cities.