The move comes at a time when many foreign banks are planning on exiting non-profit making businesses in India.
DBS is said to be the only foreign bank to have applied to the country’s central bank, the Reserve Bank of India (RBI) for converting its branches to wholly-owned subsidiary.
DBS India head – consumer banking managing director Rahul Johri was quoted by the Economic Times as saying: "The online remittance volumes from Singapore to India through our platform, DBS India Remit, have doubled over the past one year. This not only generates fee income for DBS but also creates a platform to attract customers to other banking services of DBS.
"We are also planning to introduce personal loans, credit cards and multiple-currency foreign exchange cards in the next nine to 18 months."
The bank is aiming at boosting its presence in India and plans to set up a network of around 50 to 75 branches within the next three to five years.
The bank’s online platform for inward foreign exchange remittances for non-resident Indians titled DBS India Remit has decreased the time needed for transferring funds to four hours, a service currently available only in the five metros.
The bank plans to expand the service to smaller towns and cities.
Image: The DBS headquarter in Marina Bay Financial Centre in Singapore. Photo: courtesy of ?????.
