Singapore's DBS to get approval for India branches-paper

SINGAPORE, March 17 (Reuters) - DBS Group (DBSM.SI: Quote, Profile, Research, Stock Buzz), Southeast Asia's largest lender, will soon receive approval from India's central bank to open six to eight new branches in India, a local newspaper reported on Monday citing unnamed sources.

DBS, which operates a branch each in Mumbai and New Delhi, might be allowed a new branch in a metropolitan city such as Mumbai or Chennai for every branch that it opens in a Tier II city such as Varanasi or Moradabad, the Straits Times reported.

A central bank spokesman declined to confirm or deny the decision regarding DBS, the report added.

DBS could not immediately respond to queries.

(Reporting by Daryl Loo: editing by Neil Fullick)