DBS Bank will start its Indian subsidiary in October. The bank intends to enhance its operations in the country. It will be the first foreign bank to operate as a local unit. The bank’s global CEO Piyush Gupta said the approval from the RBI is on track and is expected by the end of September. The bank had been able to get its company incorporated in February and it will have its banking license any day now. The new subsidiary has been registered as DBS Bank India. It proposes to have 40 to 50 branches across 30 cities in the country. The bank current has 12 branches. Gupta said the bank has a fairly aggressive plan for the next six-nine months after the subsidiary starts operations. The bank had infused Rs 500 crore of capital into its India unit, taking its capital in India to Rs 5000 crore by 2017-18.
