Singapore's DBS gets RBI nod for 8 branches in India

New Delhi, Mar 25 (UNI) The Reserve Bank of India (RBI) today gave permission to DBS Bank of Singapore to open eight new branches in India, taking the total branches of the bank to 10.

DBS has a branch in New Delhi and Mumbai, and plans to expand its operations in the country by taking recourse to organic growth as well as acquisitions and alliances.

The announcement in this regard was made by DBS Bank in a press statement in Singapore.

The new branches are to be located in Bangalore, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat.

The statement said the new branches will be operational in the next 12 months.

The branches are intended to cater to both corporates and individuals.

DBS Bank in India offers a complete suite of wholesale banking products and services to its corporate and SME customers, including corporate lending.

It also operates treasury services, transaction and M&A advisory services, apart from Wealth Management business.

DBS Bank is one of the largest financial services groups in Asia with operations in 15 markets and over 13,000 employees.

Mr Rajan Raju, Managing Director and Head of South and Southeast Asia, DBS Group Holdings said, ''with these new licenses in India, DBS Group will be able to service more customers in India through both the Bank and its Joint Venture with the Murugappa Group, Cholamandalam DBS Finance. This presence will allow DBS to extend our existing wholesale banking and wealth management business in India and to connect new customers to our banking network across Asia.'' Headquartered in Singapore, it is regarded as the largest bank in that country.

UNI MP/GS SR RS1726