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Kochi, 11 January 2023: DBS Bank India announced that it aims to grow its gold loan portfolio by 3x to INR 13500 Cr from INR 4500 Cr in the next five years. Through DBS Gold Loans, DBS Bank India enables customers to unlock the value of their gold ornaments and offers an instant disbursal in 30 minutes, an attractive rate per gram, and low-interest rates.
The bank has seen an increase in its retail customer base with a strong Current & Savings Account (CASA) balance. Recently, DBS Bank India completed the integration of all platforms, systems, and people of the erstwhile Lakshmi Vilas Bank, following the amalgamation in November 2020. It has a strong foothold in South India, with a network of 530 branches across 19 states.
Commenting on the bank’s growth, Bharath Mani, Executive Director & Head- National Distribution, DBS Bank India, said, “DBS Bank India is well-entrenched in the Indian market and the advantages of our unified franchise have started to flow through across business segments. Our gold loan business has seen tremendous growth and we have seen a heightened demand among the agrarian community, with 70% of the demand coming in from southern India. We are confident that we will be able to triple this business from the current INR 4500 Cr to INR 13500 Cr over the next five years. Looking ahead, we will continue to build products & solutions that cater to a wider customer franchise and empower customers to “Live more, Bank less.”
DBS Bank India is working towards strengthening its product portfolio, geographic focus, pricing, and customer segmentation. It aims to scale up its retail and lending businesses in the next five years, targeting 40% of its overall revenues from large corporates and 60% from its consumer banking and SME banking business.
The bank brings a strong global expertise matched with a deep understanding of India. It addresses everyday banking requirements through its innovative suite of offerings and enhances the value proposition for customers through strategic partnerships. DBS Bank India also offers an industry-leading Fixed Deposit interest rate of 7.25% p.a. for a tenor of 600 days.
Through its premium banking and wealth management proposition, Treasures, the bank offers an array of investment options (mutual funds, portfolio management services, alternate funds etc.), insurance, NRI banking, FX, and asset solutions, developed in partnership with leading market players. Additionally, DBS Bank India has curated a range of services for large, medium, and small enterprises in the country.
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