Chitchat DBS Made Tikam Tima

[Pinkieslut]

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA
DBS Bank India Limited, the wholly owned subsidiary of DBS Bank has announced “good” financial resultsrecently for its fiscal year ending 31 Mar 2019.
The net profit of DBS Bank India stood at INR 14.5 crore (S$2.8 million) against a loss of INR 533 crore (S$102 million) in FY2017-18.
Total deposits was reported to have increased by 15.76% to INR 33,828 crore (S$6.5 billion). Gross and net non-performing assets (NPA) ratios were moderated to 3.13% and 33% respectively (vs 5.04% and 1.09% respectively in the PY) with provision coverage ratio increasing to 92% vs 82% in FY2018.
The capital adequacy ratio was at 19.69%, compared from 16.14% last year pursuant to capital infusion of about INR 1,300 crore (S$250 million) in Dec 2018.
At the group level, DBS reported profit of S$5.63 billion during the year ended 31 December 2018 and recorded a profit of S$3.25 billion for H1 2019.
The CEO of DBS Bank India, Surojit Shome, said, “We have focused our efforts towards growing our franchise in India through the establishment of the wholly owned subsidiary with the aim to build on the momentum to achieve greater scale in India.”
DBS Bank India intends to establish over 100 customer touchpoints – a combination of branches and e-kiosks – across 25 Indian cities in the next 12-18 months, the report said. In March this year, it opened nine new branches and extended its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana.
DBS expands into India thanks to CECA
Under the Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore in 2005, India allows Singapore owned or controlled financial institutions to have greater privileges to access the Indian market.
In particular, DBS was named in the agreement as one of the Singapore banks permitted to set up a wholly owned subsidiary (WOS) in India to “enjoy treatment on par with Indian banks” in branching, places of operations and prudential requirements. It is also permitted to set up branches over and above the quota for all foreign banks.
However, CECA also permits movement of professionals between India and Singapore. For example, professionals from 1 country employed in 127 specific occupations will be allowed entry and stay for up to 1 year or the duration of contract, whichever is less, in the other country.
Intra-corporate transferees (i.e. managers, executives and specialists within organisations) will also be permitted to stay and work in India and Singapore for an initial period of up to 2 years or the period of the contract, whichever is less. The period of stay may be extended for period of up to 3 years at a time for a total term not exceeding 8 years.
Indeed, many Indian software houses do transfer their staff from India to work in their subsidiaries here in Singapore, with many operating out from Changi Business Park.
Under CECA, the movement of people between the 2 countries does not apply to immigration measures as long as these immigration measures do not nullify or impair the commitments made by either country.
“With freer movement of business persons between countries, bilateral trade and investment flows should be significantly enhanced. Hence, companies from both countries can leverage on the chapter to drive greater economic integration between India and Singapore,” CECA stated.
In any case, DBS Group CEO Piyush Gupta should be glad that CECA was signed between India and Singapore, allowing the bank to open more branches and expand into India. Yes

 

[Kuailan]

KNN Invest in such a Fcuking hugh country in India earn a miserable $2.8 million,

Gupta from India sitting in aircon room in SG do nothing earning $12million year!!

How stupid can DBS be??

 

[tanwahtiu]

PAP pride... wonder what that double dipping CAQ is getting for his bonus...

 

[Leongsam]

2.8 million for a year's worth of work???? Sounds like a lousy deal to me.

A third rate porn site can make more money.

 

[syed putra]

Strange dbs not in jiu hu but uob and ocbc are.

 

[birdie69]

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA
DBS Bank India Limited, the wholly owned subsidiary of DBS Bank has announced “good” financial resultsrecently for its fiscal year ending 31 Mar 2019.
The net profit of DBS Bank India stood at INR 14.5 crore (S$2.8 million) against a loss of INR 533 crore (S$102 million) in FY2017-18.
Total deposits was reported to have increased by 15.76% to INR 33,828 crore (S$6.5 billion). Gross and net non-performing assets (NPA) ratios were moderated to 3.13% and 33% respectively (vs 5.04% and 1.09% respectively in the PY) with provision coverage ratio increasing to 92% vs 82% in FY2018.
The capital adequacy ratio was at 19.69%, compared from 16.14% last year pursuant to capital infusion of about INR 1,300 crore (S$250 million) in Dec 2018.
At the group level, DBS reported profit of S$5.63 billion during the year ended 31 December 2018 and recorded a profit of S$3.25 billion for H1 2019.
The CEO of DBS Bank India, Surojit Shome, said, “We have focused our efforts towards growing our franchise in India through the establishment of the wholly owned subsidiary with the aim to build on the momentum to achieve greater scale in India.”
DBS Bank India intends to establish over 100 customer touchpoints – a combination of branches and e-kiosks – across 25 Indian cities in the next 12-18 months, the report said. In March this year, it opened nine new branches and extended its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana.
DBS expands into India thanks to CECA
Under the Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore in 2005, India allows Singapore owned or controlled financial institutions to have greater privileges to access the Indian market.
In particular, DBS was named in the agreement as one of the Singapore banks permitted to set up a wholly owned subsidiary (WOS) in India to “enjoy treatment on par with Indian banks” in branching, places of operations and prudential requirements. It is also permitted to set up branches over and above the quota for all foreign banks.
However, CECA also permits movement of professionals between India and Singapore. For example, professionals from 1 country employed in 127 specific occupations will be allowed entry and stay for up to 1 year or the duration of contract, whichever is less, in the other country.
Intra-corporate transferees (i.e. managers, executives and specialists within organisations) will also be permitted to stay and work in India and Singapore for an initial period of up to 2 years or the period of the contract, whichever is less. The period of stay may be extended for period of up to 3 years at a time for a total term not exceeding 8 years.
Indeed, many Indian software houses do transfer their staff from India to work in their subsidiaries here in Singapore, with many operating out from Changi Business Park.
Under CECA, the movement of people between the 2 countries does not apply to immigration measures as long as these immigration measures do not nullify or impair the commitments made by either country.
“With freer movement of business persons between countries, bilateral trade and investment flows should be significantly enhanced. Hence, companies from both countries can leverage on the chapter to drive greater economic integration between India and Singapore,” CECA stated.
In any case, DBS Group CEO Piyush Gupta should be glad that CECA was signed between India and Singapore, allowing the bank to open more branches and expand into India. Yes

May we know how much DBS has been incurring losses in the past few years , before made this miserably S$2.8m profit?

 

[sweetiepie]

KNN when bank announced they make profit does those profits consist of all the depositors money KNN if yes then is not a profit if not then KNN liao KNN

 

[Leckmichamarsch]

 

[mojito]

Hahaha aiyoh laugh die me. $2.8mil? Some briyani store easily make more than that lah!

 

[Hypocrite-The]

Don't understand the obsession with rape land by ho jinx

How India's Economy Came Back Down to Earth
Rarely has a major economy had such a humbling turn in fortunes. The usual saviors aren’t much help.
Published 29/12/19 08:00 GMT+8

A long road ahead. Photographer: DHIRAJ SINGH/Bloomberg
India's economy lost its sheen this year. As it stumbles through a deep slowdown and a credit crisis, the country has gone from being hailed as a colossus-in-waiting to placing among the also-rans.
Rarely has a major economy had such a humbling turn in fortunes. In the third quarter, gross domestic product rose 4.5% from a year earlier, about half the pace notched in the first part of 2018. Consumer confidence has tumbled to the lowest level since 2014. The labor market, a vital indicator in a country with a population of 1.4 billion, is fragile: The jobless rate has climbed to a 45-year high of 6.1%.
Just last year, India was the world’s fastest growing major economy. The past decade has been replete with predictions it would take up an increasing share of global commerce, alongside China and America. But the Philippines and Indonesia grew quicker than India last quarter and Malaysia was just a hair behind. China, grappling with its own slowdown, logged a respectable 6% and Vietnam was way ahead at 7.3%.
Much of this comes down to the country's broken financial system. Indian banks struggle with a load of bad loans that's among the biggest in the world. Overextended traditional lenders gave way to shadow banks. They, too, ran into walls. One of the most prominent, Infrastructure Leasing & Financial Services Ltd., defaulted last year, setting off a liquidity crisis. While the government took control of the company in an effort to contain the damage, their work was just beginning: Last month, the central bank removed the management of Dewan Housing Finance Corp., a big player in mortgages, and sent it to bankruptcy court. Lenders have pulled in their reins across the board.
Alarmingly for the Reserve Bank of India, these clogs in the financial pipes mean five interest-rate cuts this year haven't packed much punch. Despite early and aggressive action to lower rates, all the benefits of looser monetary policy aren’t flowing through to the real economy. In difficult times, central bankers usually keep a firm and credible hand on the rudder. But the RBI has surprised investors a few times this year. An unusual 35 basis-point cut in August, rather than the quarter percentage point economists anticipated, looked frivolous rather than clever. A reduction this month seemed like a sure thing until officials balked. That was a shocking mistake.
Then there’s the issue of unreliable statistics. An academic paper by a former aide to Prime Minister Narendra Modi reckons growth over the past few years was actually a lot closer to the third quarter's 4.5% figure. Repairing data during a slump is tough because even incremental progress will be overshadowed by unflattering year-ago comparisons.
India’s defenders bristle when it’s set beside China: Here’s a democracy with a robust federal system and an independent judiciary, they argue. That makes impossible the kind of sweeping change that Deng Xiaoping forced on China, which transformed the mainland into an export and manufacturing powerhouse. Fair enough; during good times, however, Indian leaders said little to rebut the comparison.
This slump doesn't have to be the end of India's run. As wrenching as the Asian financial crisis was for the “tiger economies” of Indonesia, Thailand, Malaysia and South Korea, they emerged stronger after painful recessions. Officials bolstered reserves, constrained foreign-currency borrowing and scrutinized debt levels while central banks became more independent. While growth is lower in the aftermath, it’s also more sustainable.
India will always be more important to the world economy than the Philippines or Malaysia. Even if activity slows to a snail's pace for a while, its sheer size makes its contribution to global growth far more valuable. As soon as next year, India's monetary and fiscal stimulus will begin to kick in. The economy will likely grow about 5% this year and pick up to 6% in 2020, says Shilan Shah of Capital Economics.
India may yet reclaim its mantle as the next big thing, albeit a toned-down and more durable version. The country and the world could be well-served by this brush with reality.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
To contact the author of this story:
Daniel Moss at [email protected]
To contact the editor responsible for this story:
Rachel Rosenthal at [email protected]

 

[Pinkieslut]

Alleging discrimination, Dalits in Tamil Nadu say they will convert to Islam
A section of Dalit residents of a village near Coimbatore, including some members of families of 17 victims killed in a recent wall collapse have announced they will embrace Islam soon alleging discrimination against them.
Press Trust of India

A section of Dalit residents of a village near Coimbatore, including some members of families of 17 victims killed in a recent wall collapse have announced they will embrace Islam soon alleging discrimination against them.
The Dalits have declared that they would convert to Islam on January 5 and they are members of the Tamil Puligal Katchi and residents of Nadur village as well.
The decision to become Muslims was taken at a party meet at nearby Mettupalayam, TPK sources said.
Party sources said more than 2,000 Dalits have expressed their willingness to convert to Islam, including some members of families of 17 people killed in the wall collapse.
The decision was taken to protest against alleged failure of police to take action against the owner of a house under the SC/ST (Prevention of Atrocities) Act in connection with a wall collapse incident.
They also alleged they were being discriminated against by police and other authorities.
Recently, Nadur village, about 50 km from here faced a wall collapse incident, in which 17 people were killed.
The Dalit residents and the TPK, a pro-Dalit party, had been demanding action against the house owner, since the wall that collapsed was the compound of his house.
It was constructed by him with alleged ulterior motives since it had no pillars to support it, according to the party.
Also, the wall had an alleged motive of demarcating his residence from that of SCs and thus it discriminatory warranting action under the SC/ST Act, according to the residents.

 

[Hypocrite-The]

Alleging discrimination, Dalits in Tamil Nadu say they will convert to Islam
A section of Dalit residents of a village near Coimbatore, including some members of families of 17 victims killed in a recent wall collapse have announced they will embrace Islam soon alleging discrimination against them.
Press Trust of India

A section of Dalit residents of a village near Coimbatore, including some members of families of 17 victims killed in a recent wall collapse have announced they will embrace Islam soon alleging discrimination against them.
The Dalits have declared that they would convert to Islam on January 5 and they are members of the Tamil Puligal Katchi and residents of Nadur village as well.
The decision to become Muslims was taken at a party meet at nearby Mettupalayam, TPK sources said.
Party sources said more than 2,000 Dalits have expressed their willingness to convert to Islam, including some members of families of 17 people killed in the wall collapse.
The decision was taken to protest against alleged failure of police to take action against the owner of a house under the SC/ST (Prevention of Atrocities) Act in connection with a wall collapse incident.
They also alleged they were being discriminated against by police and other authorities.
Recently, Nadur village, about 50 km from here faced a wall collapse incident, in which 17 people were killed.
The Dalit residents and the TPK, a pro-Dalit party, had been demanding action against the house owner, since the wall that collapsed was the compound of his house.
It was constructed by him with alleged ulterior motives since it had no pillars to support it, according to the party.
Also, the wall had an alleged motive of demarcating his residence from that of SCs and thus it discriminatory warranting action under the SC/ST Act, according to the residents.

Oh great more terrorists in the making

 

[Hypocrite-The]

India faces tough growth challenges

With India's economic growth at its slowest in 11 years, the government's options in its upcoming budget appear limited.
30 Jan 2020 GMT+3
New Delhi, India - SK Jain has seen many economic ups and downs in the decades he has been running his car parts company in a satellite city on the outskirts of the Indian capital, New Delhi. But these are exceptionally bad times, he says.
"In the past things would move by hook or by crook, but nothing is moving at all now," Jain told Al Jazeera. "We've been in this business for 30 years and I've never seen it this bad."
Once the world's fastest-growing major economy, growth in India has skidded in recent months, creating a serious challenge for the government as it gets ready to present its annual economic report and its budget for the financial year starting April.
For the three months ending September, the country's economy grew by 4.5 percent, according to the latest official data. That was its slowest pace in more than five years, and significantly slower than the 7 percent clip it clocked up in the same period a year earlier.
The main reason for the slowdown was a drop in private investment and consumption.
Part of the blame for the deceleration lies in factors beyond the government's control, including a global slowdown brought about by a trade war between the United States and China and tensions in the Middle East that have driven India's imported energy bill higher.
But it has also been exacerbated by some poorly calculated economic reforms that could have been avoided.
And the outlook for people like Jain and others in India appears to be gloomy.
The government recently projected economic growth of 5 percent for the current financial year, down from 6.8 percent last year, which would make it the slowest pace in 11 years.
Without the economy growing at a healthy clip, everything - from government revenues to individual incomes - is being adversely affected, analysts say.
'Demand has collapsed'
"What we are witnessing now is a new phenomenon," Sunil Sinha, principal economist at India Ratings, a Fitch unit, told Al Jazeera. "Demand has collapsed. We've never had this before. Under such situations, policy-making is tricky," he said, as the government has few resources to boost the economy. "Its options are very limited," he added.
The slowdown can be traced back to controversial flagship reforms by Prime Minister Narendra Modi'sgovernment implemented in the past few years.
Many small businesses in India were caught out by the government's move in 2016 to remove large denomination notes from circulation [File: Amit Dave/Reuters]
These included a sudden clampdown in November 2016 on more than 80 percent of the currency in circulation in a bid to crack down on illegal activities. That was followed by a significant sales tax overhaul the following summer that created confusion and compliance burdens for many small companies, leading to a drop in business activity.
This, along with a government decision to not increase the minimum price it pays farmers for their produce, hit incomes in both urban and rural areas, curbing the spending power of many people.
In a November 14 note, Anthony Nafte, senior economist at Hong Kong-based capital markets and investment group CLSA, warned that the Indian economy was now in a form of "recession", the kind in which banks prioritise protecting their capital bases rather than making new loans.
Meanwhile, companies and households are prioritising the repayment of loans rather than taking out new borrowings for investment and expansion, he said.
Government data released in December shows that 18 out of the 23 industry groups in the manufacturing sector experienced negative growth during the month of October 2019 as compared with the same period last year. Of those, 10 saw a double-digit dip and the electricity sector saw a record contraction of 12.2 percent, the third consecutive month it had shrunk.
During a debate in parliament in December, Finance Minister Nirmala Sitharaman acknowledged that there was a slowdown but said there was no recession.
"Growth may have come down, but it's not recession yet or it won't be recession ever," she said.
India Ratings' Sinha said what the government needs to do to revive the economy is a "no brainer".
At the top of his wish list is for the government to push money into infrastructure, especially in rural regions, as doing so will create jobs for those most in need, who will, in turn, help drive sales of everything from tea and biscuits to soap and toothpaste. The problem, however, he points out, is that because of the economic slowdown, "where will you get the money to fund that?"
The bigger problem with the slowdown, warns Madan Sabnavis, chief economist at CARE Ratings, is that "no one knows what's the solution. We've entered this trough. Economies don't recover that fast."
Letting go of the purse strings
Modi's government has taken several steps, including cutting corporate taxes, implementing a bailout package for the cash-strapped housing sector, promises to speed up infrastructure spending, rolling back newly introduced taxes on foreign investors, and schemes to hand cash to farmers to boost investments and encourage spending.
The Indian government has promised to boost spending on new infrastructure as part of a package of measures to accelerate economic growth [File: Rupak De Chowdhuri/Reuters]
But they have not given the economy the boost the government intended. And in the process, it also appears to have run out of options, Sabnavis told Al Jazeera.
The only way out, he says, would be for the government to become more profligate.
Currently, the government limits itself to spending more than it makes in revenues by no more than 3.3 percent of the size of the Indian economy.
Sabnavis suggests that the government could loosen that rule, and expand the so-called fiscal deficit by at least another half a percentage point, or $15bn.
"That's an ideological call, but it's the only practical way of pushing forward the economy," he said.
When times are bad, companies would rather conserve their cash than invest in new plants, equipment or people, if they believe that demand for their products is falling. And when companies slow down, so do tax revenues for the government.
That makes it all the more important for the government to boost spending during downturns, even if it means expanding the deficit, Sabnavis says.
No sales, no margins
Car parts maker Jain, like many other business people, agrees that this is not the time for him to invest.
His three factories in Gurgaon on the outskirts of the Indian capital where he makes components for transmission systems for India's largest carmaker Maruti Suzuki, as well as Mahindra and Mahindra and Toyota, are running at 70 percent of their full capacity. Revenues for the current year are already down 15 percent after also taking a hit in the last financial year, owing to the government's tax overhaul and demonetisation policy.
Maruti Suzuki is one of India's top carmakers to have experienced a sharp drop in sales [File Anushree Fadnavis/Reuters]
His pain has been particularly acute because 65 percent of his revenue comes from Maruti, which has seen an 18.6 percent drop in sales of passenger vehicles in India in the current financial year starting April through December and reportedly shed 3,000 temporary jobs last year.
"We are under tremendous pressure. There are no sales, no margins," he said. "We're like the beggars on the street who have to manage with what they have."
While domestic players like Jain are holding off investing for lack of demand at home, exporters in at least some sectors - who should theoretically be able to take advantage of overseas demand - are also feeling the pinch because of government policies.
Garment exporters have traditionally benefitted from tax refunds that they factor into their prices while bidding for export orders. In the past several months New Delhi has rolled those refunds back and promised to replace them with new ones. But it has not.
"We can't quote our prices because we don't know what the refund will be," Animesh Saxena, who exports womenswear including dresses, skirts and blouses to clients in the US and Europe, told Al Jazeera.
Bidding for contracts without that refund results in his firm, Neetee Clothing Pvt Ltd, being priced out by Saxena's rivals, in a sector that operates on razor-thin margins.
"The whole sector is in jeopardy and we have not been able to compete internationally. We're losing on orders placed earlier and we haven't been able to book new ones. It's badly hurting our bottom line," he said.
Jain says his margins are also being squeezed, as he feels the pressure to maintain jobs and provide his employees with a sense of security.
"People have been working with us for years and we want to look after them but how long do we sustain them? The costs are increasing with all of this. How do we manage?"
SOURCE: Al Jazeera News

 

[nayr69sg]

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA
DBS Bank India Limited, the wholly owned subsidiary of DBS Bank has announced “good” financial resultsrecently for its fiscal year ending 31 Mar 2019.
The net profit of DBS Bank India stood at INR 14.5 crore (S$2.8 million) against a loss of INR 533 crore (S$102 million) in FY2017-18.
Total deposits was reported to have increased by 15.76% to INR 33,828 crore (S$6.5 billion). Gross and net non-performing assets (NPA) ratios were moderated to 3.13% and 33% respectively (vs 5.04% and 1.09% respectively in the PY) with provision coverage ratio increasing to 92% vs 82% in FY2018.
The capital adequacy ratio was at 19.69%, compared from 16.14% last year pursuant to capital infusion of about INR 1,300 crore (S$250 million) in Dec 2018.
At the group level, DBS reported profit of S$5.63 billion during the year ended 31 December 2018 and recorded a profit of S$3.25 billion for H1 2019.
The CEO of DBS Bank India, Surojit Shome, said, “We have focused our efforts towards growing our franchise in India through the establishment of the wholly owned subsidiary with the aim to build on the momentum to achieve greater scale in India.”
DBS Bank India intends to establish over 100 customer touchpoints – a combination of branches and e-kiosks – across 25 Indian cities in the next 12-18 months, the report said. In March this year, it opened nine new branches and extended its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana.
DBS expands into India thanks to CECA
Under the Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore in 2005, India allows Singapore owned or controlled financial institutions to have greater privileges to access the Indian market.
In particular, DBS was named in the agreement as one of the Singapore banks permitted to set up a wholly owned subsidiary (WOS) in India to “enjoy treatment on par with Indian banks” in branching, places of operations and prudential requirements. It is also permitted to set up branches over and above the quota for all foreign banks.
However, CECA also permits movement of professionals between India and Singapore. For example, professionals from 1 country employed in 127 specific occupations will be allowed entry and stay for up to 1 year or the duration of contract, whichever is less, in the other country.
Intra-corporate transferees (i.e. managers, executives and specialists within organisations) will also be permitted to stay and work in India and Singapore for an initial period of up to 2 years or the period of the contract, whichever is less. The period of stay may be extended for period of up to 3 years at a time for a total term not exceeding 8 years.
Indeed, many Indian software houses do transfer their staff from India to work in their subsidiaries here in Singapore, with many operating out from Changi Business Park.
Under CECA, the movement of people between the 2 countries does not apply to immigration measures as long as these immigration measures do not nullify or impair the commitments made by either country.
“With freer movement of business persons between countries, bilateral trade and investment flows should be significantly enhanced. Hence, companies from both countries can leverage on the chapter to drive greater economic integration between India and Singapore,” CECA stated.
In any case, DBS Group CEO Piyush Gupta should be glad that CECA was signed between India and Singapore, allowing the bank to open more branches and expand into India. Yes

That amount cant even pay the CEO salary?

 

[A Singaporean]

Invest so much and make so little. Better put money in fixed deposit

 

[LaoTze]

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA
DBS Bank India Limited, the wholly owned subsidiary of DBS Bank has announced “good” financial resultsrecently for its fiscal year ending 31 Mar 2019.
The net profit of DBS Bank India stood at INR 14.5 crore (S$2.8 million) against a loss of INR 533 crore (S$102 million) in FY2017-18.
Total deposits was reported to have increased by 15.76% to INR 33,828 crore (S$6.5 billion). Gross and net non-performing assets (NPA) ratios were moderated to 3.13% and 33% respectively (vs 5.04% and 1.09% respectively in the PY) with provision coverage ratio increasing to 92% vs 82% in FY2018.
The capital adequacy ratio was at 19.69%, compared from 16.14% last year pursuant to capital infusion of about INR 1,300 crore (S$250 million) in Dec 2018.
At the group level, DBS reported profit of S$5.63 billion during the year ended 31 December 2018 and recorded a profit of S$3.25 billion for H1 2019.
The CEO of DBS Bank India, Surojit Shome, said, “We have focused our efforts towards growing our franchise in India through the establishment of the wholly owned subsidiary with the aim to build on the momentum to achieve greater scale in India.”
DBS Bank India intends to establish over 100 customer touchpoints – a combination of branches and e-kiosks – across 25 Indian cities in the next 12-18 months, the report said. In March this year, it opened nine new branches and extended its reach to Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore and Ludhiana.
DBS expands into India thanks to CECA
Under the Comprehensive Economic Cooperation Agreement (CECA) signed between India and Singapore in 2005, India allows Singapore owned or controlled financial institutions to have greater privileges to access the Indian market.
In particular, DBS was named in the agreement as one of the Singapore banks permitted to set up a wholly owned subsidiary (WOS) in India to “enjoy treatment on par with Indian banks” in branching, places of operations and prudential requirements. It is also permitted to set up branches over and above the quota for all foreign banks.
However, CECA also permits movement of professionals between India and Singapore. For example, professionals from 1 country employed in 127 specific occupations will be allowed entry and stay for up to 1 year or the duration of contract, whichever is less, in the other country.
Intra-corporate transferees (i.e. managers, executives and specialists within organisations) will also be permitted to stay and work in India and Singapore for an initial period of up to 2 years or the period of the contract, whichever is less. The period of stay may be extended for period of up to 3 years at a time for a total term not exceeding 8 years.
Indeed, many Indian software houses do transfer their staff from India to work in their subsidiaries here in Singapore, with many operating out from Changi Business Park.
Under CECA, the movement of people between the 2 countries does not apply to immigration measures as long as these immigration measures do not nullify or impair the commitments made by either country.
“With freer movement of business persons between countries, bilateral trade and investment flows should be significantly enhanced. Hence, companies from both countries can leverage on the chapter to drive greater economic integration between India and Singapore,” CECA stated.
In any case, DBS Group CEO Piyush Gupta should be glad that CECA was signed between India and Singapore, allowing the bank to open more branches and expand into India. Yes

VERY VERY GOOD RESULTS

ESPECIALLY WHEN TUMASICK AND GEE EYE SEE ALWAYS MAKE LOSES AFTER LOSES

HO CHING VERY VERY HAPPY WITH DBS FINALLY MAKING PROFIT

 

[Leckmichamarsch]

KNN Invest in such a Fcuking hugh country in India earn a miserable $2.8 million,

Gupta from India sitting in aircon room in SG do nothing earning $12million year!!

How stupid can DBS be??

what is retirm on capital
return on equity
reuturn on investment...................................too shy to publish!!!!!!!!!!!!!!!