Singapore-based DBS Bank is set to launch its wholly-owned subsidiary in India in October this year, to become the second foreign lender to open its local arm in the country.

The bank, after procuring necessary approvals from the central authority Reserve Bank of India (RBI), will start operating as DBS Bank India transforming all its existing branches in the country.

DBS Bank CEO Piyush Gupta was quoted by The Hindu Business Line as saying: “The approval from the RBI is on track and is expected by the end of September.

“We had been able to get our company incorporated in February. We will get our banking licence any day now.”

In September last year, the lender received in-principle approval from the RBI to convert all its operations in India to a new subsidiary.

Currently, the bank has 12 branches in India and plans to increase the count to 40-50 across various Indian cities to strengthen its footprint in the country.

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DBS also plans to increase its employees from 1,200 to 2,000 gradually after its subsidiary starts operating.

Additionally, it has also invested another INR5bn of capital into subsidiary.

State Bank of Mauritius was the first foreign bank to launch first local banking entity in India.