labels: RBI
DBS awaits RBI approval for expanding India operations news
17 March 2008

Mumbai: DBS Group, the largest bank in Singapore by assets and a leading bank in Hong Kong, expects to get approval from the Reserve Bank of India (RBI) for expanding operations in India.

"We are optimistic that we will receive the go-ahead to expand in India soon,'' said Karen Ngui, a spokeswoman for the Singapore bank, adding, ''As of now, nothing is confirmed."

DBS currently operates a branch each in Mumbai and New Delhi and expects to get licence to open a new branch in metropolitan Mumbai or Chennai on the basis of the number of branches it opens in Tier II cities like Varanasi or Moradabad, the Straits Times said in a report.

DBS is into corporate financing, SME and consumer banking, treasury and markets, wealth management, securities brokerage as also equity and debt fund raising.

With one of the highest credit ratings in the region, DBS is Southeast Asia's largest lender, with operations in over 15 countries.

DBS Bank, meanwhile, announced the launch of a banking package for social enterprises, in support of the growth of social entrepreneurship in Singapore.

The `DBS' Social Enterprise Special Package' offers social enterprises preferential rates on business loans and unsecured overdrafts, and fee waivers for a slew of services, among other benefits.

In addition, employees of social enterprises will be granted special privileges for a whole range of personal banking services, including mortgage loans, renovation loans, auto loans, credit cards and general insurance.

DBS was the official bank sponsor of the Social Innovators' Forum and the 2007 Schwab Social Entrepreneur of the Year Award organised by the Social Innovation Park in mid-December 2007.

Beyond the main markets of Singapore and Hong Kong, DBS has operations in China, India, Indonesia, Malaysia, Thailand and The Philippines.


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DBS awaits RBI approval for expanding India operations