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DBS Group eyes entry in India's credit card market by 2020

Singapore's DBS Group Holdings Ltd. plans to launch credit card services in India by the second or third quarter of 2020, Reuters reported Aug. 20, citing Shantanu Sengupta, head of consumer banking for DBS Group in India.

The move is part of the group's efforts to tap growth outside its home market and to offset weakness of the local economy.

DBS Group, which set a target of reaching 5 million customers in India by 2023, now expects to achieve the target earlier than expected, the report noted.