Mumbai: DBS Bank of Singapore Tuesday said it will launch its India subsidiary in October, the second foreign bank in the country to convert its local operations into a wholly-owned entity.
State Bank of Mauritius was the first to open a local subsidiary in India last year, after RBI came out with the regulations in 2013. DBS said the setting up of the local subsidiary will be completed once RBI gives the final approval.
The Singapore-based lender 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.
Speaking to media, DBS Group CEO Piyush Gupta said India is one of the six core markets for the bank and the local unit is well-capitalised with capital adequacy ratio of Rs5,000 crore.