RBI approves Amalgamation of DBS Bank Ltd., India with DBS Bank India Limited

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of the entire undertaking of DBS Bank Ltd., India with DBS Bank India Limited which has been granted licence by the Reserve Bank to carry on the business of banking in India through Wholly Owned Subsidiary (WOS) Mode under section 22(1) of the Banking Regulation Act, 1949. The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949. The Scheme will come into force with effect from March 01, 2019. All the branches of DBS Bank Ltd. in India will function as branches of DBS Bank India Limited with effect from March 01, 2019. Ajit Prasad Assistant Adviser Press Release : 2018-2019/2064

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