DBS Bank which is Singapore based has received in principle approval from RBI for setting up its wholly owned subsidiary in our country. This is the second foreign bank which gets such approval after Bank of Mauritius.
- DBS applied for WOS (Wholly owned subsidiary) when RBI came out with its guidelines in 2013-14.
- During this period (from 2014 till date), DBS has improved its asset qualities considerably.
- Final approval from RBI for setting up the WOS is expected in anothr 8 to 9 months.
- DBS Bank’s Executive adds that the bank has always been a driving to extend its business through subsidiaries as could be seen by its market presence in China, Indonesia and Malaysia.
BANK’S FINANCIAL FIGURES
- DBS Banks total Advances and Deposits as on 31st March 2017 were Rs. 21,838 crores and Rs. 26,990 crores respectively.
- The bank had written off Rs. 1400 crores during the year. Its Gross NPA stood at 3.77 per cent (around Rs. 840 crores )