• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA

by Correspondent
04/11/2019
in Current Affairs
Reading Time: 3 mins read
0

DBS CEO Piyush Gupta

DBS Bank India Limited, the wholly owned subsidiary of DBS Bank has announced “good” financial results recently 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.
 

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Malaysian court sentences man to 1,050 years’ jail, 24 strokes of the cane, for raping stepdaughter 105 times
AFP

Thai court jails activist for 28 years jail for royal defamation

26/01/2023
Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall
Community

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

26/01/2023
KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner
Health

KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner

26/01/2023
Dozens of COVID protesters still behind bars in China: HRW
AFP

Dozens of COVID protesters still behind bars in China: HRW

26/01/2023
8 dead, including 6 Chinese nationals, after ship sinks near Japan
AFP

8 dead, including 6 Chinese nationals, after ship sinks near Japan

26/01/2023
“党籍不会过期失效”  前进党称已就党籍终止知会卡拉
Health

Nurse disabled permanently after vaccine injury and sacked by SGH; Did the hospital advise her to apply for VIFAP?

26/01/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Malaysian court sentences man to 1,050 years’ jail, 24 strokes of the cane, for raping stepdaughter 105 times

Thai court jails activist for 28 years jail for royal defamation

26/01/2023
Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

26/01/2023
KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner

KKH’s lack of continuous monitoring baby’s vital signs “was not ideal”, said State Coroner

26/01/2023
Dozens of COVID protesters still behind bars in China: HRW

Dozens of COVID protesters still behind bars in China: HRW

26/01/2023
8 dead, including 6 Chinese nationals, after ship sinks near Japan

8 dead, including 6 Chinese nationals, after ship sinks near Japan

26/01/2023
“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

Nurse disabled permanently after vaccine injury and sacked by SGH; Did the hospital advise her to apply for VIFAP?

26/01/2023
Man and 2-year-old daughter fell into hole in bridge at Sungei Buloh Wetland Reserve, “seconds away from drowning”

Man and 2-year-old daughter fell into hole in bridge at Sungei Buloh Wetland Reserve, “seconds away from drowning”

26/01/2023
Ruling on Trump ban marks defining moment for Facebook panel

Meta says Trump to be allowed back on Facebook, Instagram

26/01/2023

Trending posts

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
29

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
27

...

DBS makes net profit of S$2.8m in India in last fiscal year thanks to CECA

by Correspondent
04/11/2019
0

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
35

...

“党籍不会过期失效”  前进党称已就党籍终止知会卡拉

AGC asked to explain purposes of 68 private letters of inmates illegitimately forwarded to prosecutors

by The Online Citizen
21/01/2023
16

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
26

...

November 2019
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930  
« Oct   Dec »
  • About Us
  • Subscribe
  • Letter submission
  • Contact Us

© 2006 - 2021 The Online Citizen

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2006 - 2021 The Online Citizen

wpDiscuz