DBS Bank has added more than a million customers to its digi-bank digital banking initiative whilst waiting on approval to open a wholly-owned Indian subsidiary.
Following the launch of the DBS Bank last April, more than one million customers across India have come onboard, with the Singaporean bank now setting plans in motion to receive the regulatory approval to open in India.
DBS India chief executive, Surojit Shome said the offering, which allowed customers to transfer money to an e-wallet and also opening savings accounts using biometric technology, had come at an important time in the Indian finance scene.
“We now have 1.2 million individual customers which is a combination of savings accounts and wallets,” he sdaid.
“Our deposits have grown well. Demonitisation has been more beneficial for everyone, including us.”
The approval of an RBI would see the bank move to form a wholly-owned subsidiary in India on top of the 12 branches already opened.