Singapore bank, DBS's Indian affiliate DBS Cholamandalam is aiming to open 60 new “wealth management centres” throughout the country.

At the opening of three new centres today in the southern state of Kerala, the company's business head, D. Arulmany, said the centres would be "one stop shops" for financial advice and would offer mutual funds, insurance and fixed deposit products.

Of the 60 planned branches, 27 will be in the southern states. DBS Cholamandalam plans to increase this number to 120 nationwide next year.

The company is 37 per cent owned by the Murugappa Group while Singapore's DBS has 25 per cent.