DBS Bank India financial services group DBS Group Holdings has received in-principle approval from the RBI to convert its existing India franchise to a locally incorporated wholly-owned subsidiary (WOS) in India. Where is the headquartered of DBS Bank?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Switzerland
B	Germany
C	Singapore
D	Netherlands

Explanation:

Detailed explanation-1: -“All stakeholders are advised to transact with only those existing PAs (a) who have been granted in-principle authorisation or (b) whose application is currently under process, ” RBI said in a release.

Detailed explanation-2: -DBS has been in India since 1994 and converted its India operations to a wholly owned subsidiary (DBIL) in March 2019. DBS has been named by Forbes in its 2020 list of the World’s Best Banks.

Detailed explanation-3: -The RBI would consider granting a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “in-principle” approval.

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