DBS Buyout Shows India Banking Sector Is Opening, Minister Says

The unprecedented takeover of a private Indian bank by a foreign competitor signals that the nation’s banking sector is opening up, Finance Minister Nirmala Sitharaman said.

Sitharaman lauded the Reserve Bank of India’s efforts in steering the bailout of Lakshmi Vilas Bank Ltd. by allowing a local unit of Singapore’s DBS Group Holdings Ltd. to buy the failed lender.