Current Affairs - Banking - Discussion

Singapore-based bank DBS got final approval to operate as a wholly-owned subsidiary (WOS) in India after a delay of two years. DBS is the second foreign lender after SBM (Mauritius) to get an in-principle approval to operate as WOS in India, it has a strong network in the form of Digibank in India with about 1.5 million customers. DBS operates through 12 branches in the country at present with over a million customers. The bank has already drawn up plans of expanding presence in the country in a staggered way which is included in the application submitted.