DBS Bank is set to start its Indian subsidiary by October, becoming the second foreign bank to open a local unit, Mint reported on Wednesday.

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State Bank of Mauritius was the first to open a local subsidiary in India last year, after RBI came out with the regulations in 2013.

The Singapore-based lender said the setting up of the local subsidiary will be completed once the Reserve Bank of India gives the final approval, according to the report.

India is one of the six core markets for the bank and the local unit is well-capitalised with capital adequacy ratio of Rs 5,000 crore, the report quoted DBS Group CEO Piyush Gupta as saying at a media event.

The bank had infused Rs 500 crore of capital into its India unit, taking its capital in India to Rs 5,000 crore by 2017-18.