The Reserve Bank of India on Thursday said it has approved the amalgamation of ‘DBS Bank, India’ with ‘DBS Bank India’, the entity which has been granted permission to operate as a wholly owned subsidiary (WOS) of the Singaporean lender.
It can be noted that DBS used to operate in the ‘branch model’ and is among the first foreign lenders to come forward and operate as a WOS.
In a press release, the RBI said the scheme of amalgamation between the two entities has been sanctioned under the provisions of the Banking Regulation Act, 1949.
The scheme will come into force with effect from March 01 and all the branches of DBS Bank in India will function as branches of DBS Bank India, it added.
DBS has 12 branches in the country at present and has drawn up plans to take it to 50 branches in 30 cities.