(MC)
Singapore-headquartered financial services giant DBS will begin commercial banking operations in India in October this year. “We are looking to start the operations in October,” DBS Group CEO Piyush Gupta told .DBS Bank India (DBS India), part of Asia’s leading financial services group DBS Group Holdings, received in-principle approval from the Reserve Bank of India (RBI) in September last year to convert its existing India franchise to a locally incorporated wholly-owned subsidiary (WOS) in India.
DBS Bank India will be the latest entrant in India’s rapidly evolving banking space that is seeing many legacy financial institutions struggling with disruptions caused by a string of new-age fintech startups that are offering specialised services – including loans to low-income customers – often ignored by high-street banks.
