Singapore-based DBS Bank has applied to the Reserve Bank of India to set up a local subsidiary to boost its banking business in Asia’s third-largest economy.
DBS chief executive officer Piyush Gupta said: "We have applied to the Reserve Bank of India to operate as a wholly-owned subsidiary in the country."
The bank is planning to boost its presence in India by opening 50-75 branches in the next three to five years.
Gupta said: "We want to build our business in India through branches and also grow our small and medium enterprises business and scale up our consumer banking business.
"We are optimistic that RBI will process the application speedily and are assuming it will take about a year to get a subsidiary in place."
"We can rebalance our resources and grow our book in India — there are very few Western banks who are in such a mode", added Gupta.