The company is set up under Piramal Finance with an initial capital of $152m.
The deal, valued at $40.7 million, is a slump sale.
All P2P loan platforms will be treated as NBFCs and will be brought under the ambit of RBI.
The micro lender, formerly SKS Microfinance, is in talks with two potential buyers, IndusInd Bank and RBL Bank.
This makes DBS the second foreign bank to operate through the WOS model in India after State Bank of Mauritius.
The financial services firm is awaiting a licence from the Reserve Bank of India (RBI) to start its ARC business.
The bank plans to raise around Rs1,400 crore to strengthen its capital base and reduce government shareholding.
India will also the largest borrower for AIIB, a top official of Beijing-based multilateral bank said.
The tribunal has also admitted RCom’s petition for a 51% stake sale in its telecom tower arm to Canada-based Brookfield Infrastructure