DBS Bank Gets RBI Nod for Subsidiary in India

DBS Bank India, part of Singapore-based financial services group DBS Group Holdings, has received in-principle approval from the Reserve Bank of India (RBI) to convert its existing India franchise to a locally incorporated wholly-owned subsidiary (WOS) in India. In its guidelines, the RBI had pointed out that the WOS model for foreign banks in India would involve local incorporation, a local board of directors, and a ring-fenced capital and assets profile that would not be affected by the impact of global events on its parent.

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