DBS BANK INDIA INAUGURATES ITS FIRST BRANCH IN INDORE

Expansion follows DBS’ establishment of wholly-owned subsidiary in India

Targets to establish over 100 physical touchpoints in 25 cities

INDORE. DBS Bank India Limited (DBIL) today launched its first branch in Indore. Located at Yashwant Niwas Road, the branch will provide a comprehensive portfolio of diversified financial products and services to cater to the evolving banking needs of large, medium and small businesses as well as retail customers.

The bank has been present in India for 25 years as a branch of DBS Group (Singapore) and has converted into a locally incorporated wholly owned subsidiary – DBS Bank India Limited as of March 1st, 2019. It intends to establish over 100 customer touchpoints – a combination of branches and kiosks – across 25 cities in the next 12-18 months.

DBIL is opening nine new branches in Mumbai, Gurugram, Noida, Ahmedabad, Coimbatore, Vadodara, Hyderabad, Ludhiana, including Indore. It will also open five branches in unbanked rural centres. DBIL has been operating in 12 cities: Delhi, Mumbai, Bengaluru, Chennai, Kolkata, Pune, Nashik, Surat, Kolhapur, Salem, Cuddalore and Moradabad.

DBIL will accelerate its growth plans, expand its operations and build greater scale in India through a “phygital” model to further serve large corporates, small and medium enterprises (SMEs) and individual customers. 

Commenting on the launch, DBS Bank India CEO Surojit Shome said, “This is a significant milestone for DBS India as it enables us to deepen and embed our commitment to growing our franchise in India in a sustainable manner. Over the last few years, we have harnessed the power of technology to reimagine banking and provide innovative banking solutions for individuals as well as business customers. The launch of DBIL will enable us to further build our relationship with our customers and create differentiated offerings as financial services continues to transform rapidly with changes in technology and consumer preferences”. 

DBS, which was named Best Bank in the World in 2018, has been on an ongoing journey to shape the future of banking. Since the launch of digibank by DBS nearly two years ago, the bank has acquired over 2.5 million digibank customers in India. In addition to savings accounts, digibank also offers unsecured loans and is the first to offer paperless onboarding for mutual fund investments from multiple fund houses.

DBS India was also the first to offer the choice of multiple life insurance providers based on an analytics-driven platform. For businesses, the bank launched a first-of-its-kind connected banking platform, integrating its e-banking solution with one of India’s leading accounting and ERP software platforms. 

To further advance its digitalisation and innovation thrust, the bank established its largest technology and operations hub outside Singapore, DBS Asia Hub 2 in Hyderabad, in 2016.