Tag: DBS Bank India

Business

DBS Bank India Limited revises fixed deposit rates upwards

Jun 10, 2022 by Agency 0 Comments #DBS Bank India, #fixed deposit

 DBS Bank India Limited today announced the revision of Fixed Deposit (FD) rates offered by the bank. The upward revision of FD rates range from 10 bps to 50 bps across tenors. In addition, senior citizens will receive 50 bps over and above the new rates for deposits over 6 months.

Please find below the FD rates :

Domestic/NRO FD Rate (<2 Cr)

 

Tenor Present Rate Proposed Rate  Change
7 days 4% 4.50% 50 bps
 1Y to 375D  5.10% 5.30% 20 bps
 376D to 540D  5.30% 5.50% 20 bps
 541D  < 2Y  5.30% 5.50% 20 bps
 2Y  < 2Y6M   5.50% 5.60% 10 bps
 2Y6M  5.50% 5.80% 30 bps
2Y6M1D < 3Y  5.50% 5.80% 30 bps
 3Y  < 4Y   5.65% 6.00% 35 bps
 4Y  < 5Y   5.65% 6.00% 35 bps
 >= 5Y   5.75% 6.00% 25 bps
Business

DBS introduces real-time digital cross-border incoming payment tracking for all corporate and SME clients

Sep 13, 2021 by Rekha Nair 0 Comments #DBS Bank India, #Divyesh Dalal, #Head - Global Transaction Services, #Head of India and South Asia, #Kiran Shetty, #SWIFT

MUMBAI: DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further.

The new DBS SWIFT gpi incoming tracking will arm corporate treasures with better cash forecasting by receiving the end-to-end tracking information, which was not possible a few years ago. Corporates can gain visibility over incoming payments now, helping with working capital management by planning back-to-back payments, thereby improving receivables forecasting and overall cash position. It also helps improve accuracy for intraday credit line needs and provides further benefits in supporting credit control.

Divyesh Dalal, Head – Global Transaction Services, DBS Bank India, said, “At DBS, we are committed to empowering our customers with innovative digital solutions to bring efficiency in their business and achieve scale. Our incoming payment tracking capability, powered by SWIFT gpi, brings transparency and visibility to corporate treasuries and SME businesses alike. It makes FX and working capital management more predictable, thus reducing costs and optimising cash flow. Coupled with our digital solutions for cross-border payments, regulatory documentation management and FX, we strive to deliver the best platform for cross-border transactions to our customers. These solutions make banking simpler and effortless, giving customers more time to focus on their business.”

“The globalisation of economies has meant a pressing need amongst corporates operating across jurisdictions, time zones and currencies, for full and real-time visibility of their international payments. Driven by SWIFT gpi, the new inbound tracking service by DBS Bank allows corporates to see when a payment is on its way and when it is arriving at the beneficiary, which in turn reduces operational costs and frictions. The initiative is part of our vision at SWIFT towards a future of instant and frictionless account-to-account cross-border payments, and we continue to work closely with DBS Bank and our partners in the global financial services community, to achieve this,” added Kiran Shetty, Head of India and South Asia, SWIFT.

This value-added service is available by default and free of charge for all corporate customers via DBS IDEAL- DBS’ online corporate banking portal. Business customers can log into DBS IDEAL and receive a notification when a payment is initiated to the DBS account on the SWIFT network by the remittance bank (Inward Telegraph Transfer) and upon credit confirmation. Customers can also track where incoming funds are in the cross-border payment chain across multiple geographies. For the markets which require supporting documents, by using DBS DigiDocs, corporates can easily upload digital documents. It is reliable, quick and hassle-free. This will significantly reduce the use of paper-intensive processes and improve efficiency. Additionally, customers also have the option to subscribe to Inward Telegraph Transfer (ITT) status alerts via email or mobile app.

Traditionally, the tracking of cross-border collections tends to be highly manual, whereby corporates often rely on a copy of SWIFT message from the remitter, which confirms their remittance instruction has been processed by their bank. For interim status updates, corporates have to depend on their bank or the remitter (via remitter’s bank) to find out the latest status of the transfer across multiple banks, a process that is tedious, costly and time-consuming. With the DBS SWIFT gpi incoming notification, customers receive digitised proof of initiation and structured payment advice, reducing manual processes. Such new features provide corporates with a transformed experience of both sending and receiving payments globally.

The feature has been introduced across 7 DBS markets, including India, Singapore, Hong Kong, China, Taiwan, Indonesia and Vietnam. Previously, DBS was also the first bank to launch outbound payments with end-to-end tracking with SWIFT gpi.

Business World

DBS Bank India joins hands with TRRAIN to facilitate youth employment

Mar 9, 2021 by Rekha Nair 0 Comments #B S Nagesh, #CEO, #DBS Bank India, #Executive Director - Group Strategic Marketing & Communications, #Founder & Settlor, #Shoma Narayanan, #TRRAIN, #TRRAIN and Ameesha Prabhu

MUMBAI: In line with its commitment towards creating and preserving livelihoods, DBS Bank India today announced its partnership with TRRAIN (Trust for Retailers & Retail Associates of India), a non-profit engaged in training and placement of youth in e-commerce & retail sectors. The partnership will support youth from low-income households by providing them with long-term employment opportunities.

Through the partnership, DBS will facilitate the skills training and employment of individuals affected by the pandemic and persons with disabilities through a one-year-long pan-India program, a combination of classroom and online training sessions. The training will be conducted at TRRAIN centres across major cities such as Mumbai, Chennai, Delhi-NCR region, Bengaluru, Kolkata, Ahmedabad, among others.

Once the training is complete, candidates will be recruited by leading industry partners in the retail and e-commerce sector across Tier-1 and Tier-2 cities. The program aims to train and secure jobs for over 800 individuals by the end of 2021.

Commenting on the partnership, Shoma Narayanan, Executive Director – Group Strategic Marketing & Communications, DBS Bank India, said, “DBS is committed to making meaningful contributions to society and creating a lasting impact beyond banking. We are actively engaging with initiatives to build back better in the aftermath of the pandemic. Our partnership with TRRAIN is one such initiative as it will help upskill youth as well as the differently-abled and facilitate access to job opportunities.”

“Trust for Retailers and Retail Associates of India is happy to join hands with DBS Bank in our efforts to create sustainable livelihoods for persons with disabilities and underprivileged individuals. With DBS Bank’s support, we will be impacting the lives of 400 persons with disabilities and 425 underprivileged young individuals by providing them with employment opportunities in retail. We look forward to an impactful and continued CSR collaboration with DBS Bank”, said B S Nagesh, Founder & Settlor, TRRAIN and Ameesha Prabhu, CEO, TRRAIN.

The partnership with TRRAIN is the most recent in a series of initiatives announced by the bank as part of the ‘DBS Stronger Together Fund’, a global SGD 10.5 million fund set up by DBS in 2020 at the onset of COVID-19 to help sections of the society across the region that were hard hit by the pandemic. Through the fund, the bank provided about 4.5 million meals and care packs to affected individuals across Singapore, Hong Kong, China, India, Indonesia, and Taiwan. DBS also introduced the ‘Towards Zero Food Waste’ initiative in 2020 to encourage a shift in behaviours and mindsets to reduce food waste. The bank’s commitment towards zero food waste aims to build a sustainable, food-secure future and aligns with its three sustainability pillars – responsible banking, responsible business practices and creating social impact.

In 2020, under the ‘DBS Stronger Together’ initiative, DBS Bank India partnered with ten NGOs to support immediate, on-ground relief efforts during the lockdown in the country. Previously, DBS Bank India facilitated the provision of two million meals to the underprivileged affected by the pandemic in the form of food supplies and pre-packaged meals through partnerships with various organisations, including United Way Mumbai, Pratham Mumbai Education Initiative, Goonj, and Ola Foundation. The bank also partnered with UNICEF, United Way, Metropolis Labs and others to scale up public health infrastructure, provide medical supplies and equipment, and sponsor-free testing for the underprivileged.

Business World

DBS Bank India introduces ‘Travel Now’, a one-stop integrated travel marketplace on the digibank app

Dec 31, 2020 by Neel Achary 0 Comments #DBS Bank India

MUMBAI: DBS Bank India announced on 29th December 2020 that it has introduced ‘Travel Now’, a one-stop travel marketplace within the digibank app. The new feature enables customers to browse and book flights, bus tickets and hotels across hundreds of destinations within and outside of India. Customers can also opt for travel insurance, offered by Bharti AXA General Insurance, with an automated claims process for flight cancellation, and flight departure and arrival delays of over 60 minutes.

digibank’s intuitive UX is designed to remember customer preferences and deliver a customised and hassle-free experience. Customers can make payments using their digibank account through a seamless and secure one-click payment process, thereby eliminating the need to enter or save card details and wait for an OTP. They can also avail a range of targeted offers tailored to their individual requirements.

Commenting on the new feature, Kartik Jain, Executive Director – Digital Bank, DBS Bank India, said, “Recognising that customers often spend significant time navigating multiple sites for their travel arrangements, we have introduced a one-stop-shop in digibank to cater to all their travel needs and streamline their booking process. The Travel Now proposition provides an intuitive booking experience, including bespoke flight cover with automated claims solution, and hassle-free one-click payment from the customer’s DBS account. The proposition aligns with our focus on delivering innovative and seamless solutions to address our customers’ needs.”

The integrated insurance offering is available for flight and bus bookings in partnership with Bharti AXA General Insurance Company Ltd. Designed to address customer pain-points and key challenges in their travel journey, the insurer auto-detects flight delays and flight cancellations and notifies the customers, while enabling an automatic claims process. The claim journey is a simple, two-click process, and the amount is directly credited to the customers’ account. For bus bookings, customers can avail an accidental death cover of up to INR 5 lakh and an emergency medical expenses cover up to INR 1 lakh, at a price of INR 20 (inclusive of taxes).

DBS introduced digibank in 2016 and has acquired ~1 million savings accounts since its launch. In addition to savings accounts, digibank provides unsecured loans and is the first to offer paperless onboarding for mutual fund investments from multiple fund houses. DBS also provides a compelling suite of services and wealth solutions through DBS Treasures. These include accelerated account opening services globally, an all-in-one digital banking and wealth management platform, remittance services and 40+ exclusive signature experiences and bespoke privileges to its customers.

Business World

DBS Bank India’s new brand campaign features Sachin Tendulkar; emphasises the importance of safety

Sep 19, 2020 by Gouri Achary 0 Comments #DBS Bank India, #Neel Roy Cruz, #Sachin Tendulkar, #Shoma Narayanan

DBS Bank India unveiled its latest campaign that talks about safety and how a trusted partner can help find safe solutions even in the most difficult of times. As Asia’s Safest Bank for 11 straight years, DBS believes that ‘safety always comes first’. The campaign starring DBS’ brand ambassador, Sachin Tendulkar, brings this out through a simple, relatable narrative. This comes close on the heels of its recently launched campaign “Portraits of Purpose India”, that celebrates everyday heroes who are reaching out to help others.

Conceptualised by the team at Leo Burnett, the TVC captures the story of a small boy bored at home during the lockdown, while his family is busy with office work and domestic chores. As he attempts to step out to play with his friend, his sister stops him and suggests a safe alternative. The boy and his friend are delighted, and the film ends with Sachin sharing a message around safety.

Shoma

Speaking about the campaign, Shoma Narayanan, Executive Director – Group Strategic Marketing & Communications at DBS Bank India, said, “The narrative of our new brand film hinges on safety, trust and resilience. The well-being, both physical and financial, of our customers, colleagues and partners has been our top priority through these challenging times. The film aligns with this and assures viewers that DBS is a partner they can rely on.”

 

Brand ambassador, Sachin Tendulkar, added, “This was definitely a shoot to remember. No set, no lights, no film crew. I had to ask people around me at home to find some time between their work to film my segments of the TVC. I truly believe that safety comes first, and I am glad to be associated with DBS’ campaign as it emphasises on the importance of safety in every aspect.”

With some major cities, including Mumbai, still under lockdown, Sachin’s segments of the campaign were shot at his home. The outdoor scenes of the TVC were shot with a minimal crew in Goa, whilst adhering to strict protocols and with necessary precautions such as social distancing, sanitised outdoor set, disinfectants and PPE gear.

Neel Roy Cruz, Executive Creative Director, Leo Burnett, said, “From a creative point of view, this was one of the most challenging projects we have executed. How does one conceptualise and create a film when the whole world is confined to their homes? Just like our film narrative, we partnered with talented professionals and executed the film with all safety protocols. The very project itself stands testimony to the message we are trying to convey to our customers. Another interesting aspect of the campaign is that the idea for the film script came from one of Sachin Tendulkar’s video challenge, which went viral and was trending during the nationwide lockdown.”

As the country and the world collectively defends against the COVID-19 pandemic, DBS Bank India, has taken extensive precautionary measures to safeguard customers and staff. The bank offers an array of digital products and services to enable customers to enjoy a seamless and secure banking experience from anywhere.

Since the establishment of its wholly-owned subsidiary, DBS Bank India Limited (DBIL) in 2019, the bank has built a greater scale in India by adopting a ‘phygital’ model. Named ‘Safest Bank in Asia’ for 11 consecutive years, DBS has been on an ongoing journey to shape the future of banking. It has designed end-to-end digitised solutions to seamlessly interweave banking into a customer’s everyday life, by making it a part of their ecosystem.

For the complete brand film, please visit: https://go.dbs.com/safetycomesfirst-india

Business World

DBS Bank unveils hassle-free, online SME loans; Offers in-principle sanctions up to INR 5Cr in 24 hours

Sep 16, 2020 by Neel Achary 0 Comments #DBS Bank India, #DBS Digital Business Loans, #Head - Business Banking, #Managing Director & Country Head - Institutional Banking Group, #Niraj Mittal, #Sudarshan Chari

MUMBAI, September 16, 2020: Driven by its constant focus on building seamless, intuitive and hassle-free banking solutions for customers, DBS Bank India today unveiled its online credit solutions platform – DBS Digital Business Loans for SMEs. This segment-flagship platform from DBS improves the ease of accessing business credit for the entire spectrum of micro, small and medium-sized enterprises, offering credit up to INR 20Cr.

The loan application process is simple and can be done online by just uploading bank statements, and IT Returns (financial statements for loans above INR 5Cr). The data-driven platform then pulls in credit-related information at the backend and runs a financial health analysis on the overall business of the applicant. The platform is enabled to auto-generate an e-offer letter if the lending criteria is met.

Enterprises with a turnover of up to INR 25Cr can receive in-principle approval for loans of up to INR 5Cr within 24 hours* subject to completion of the loan application and fulfilment of the lending criteria. Subsequently, a final e-offer (subject to a successful verification process) for credit up to INR 5Cr for a company with a turnover up to INR 25Cr, can be sanctioned in just 5 working days*. Once the customer accepts the offer, DBS starts the valuation process. The disbursal can be made in as less as a week after the final sanction. DBS offers both, a DBS Relationship Manager (RM) – initiated self-serve (in select locations) as well as an RM-assisted credit application on the DBS Digital Business Loans platform.

Commenting on the offering, Niraj Mittal, Managing Director & Country Head – Institutional Banking Group, DBS Bank India, said, “It is more important now than ever to support our customers, especially the micro & small enterprises, to navigate the challenging business environment. DBS Digital Business Loans proudly underscores the bank’s commitment to supporting lives and livelihoods. We are attempting to leverage the true potential of our online credit platform, and have continued to disburse credit, even amidst the lockdown. DBS has also been offering the ‘Guaranteed Emergency Credit Line’ scheme in line with the government’s Covid-19 relief efforts.”

“Boosting credit access to businesses has been our top priority, and DBS Digital Business Loans for SMEs is another step towards reshaping the future of business banking by leveraging digitalisation. DBS will continue to support enterprises to unlock new opportunities through this solution. DBS Digital Business Loans further strengthens our existing suite of business banking offerings, such as Payments & Collections, Remittances, Forex Solutions including FX Booking & FX Forwards, Enterprise Resource Planning (ERP) Integration, APIs, Trade Solutions including DBS Network Letter of Credit, etc.”, Mittal added.

Speaking about the nuances of the online credit platform, Sudarshan Chari, Head – Business Banking, DBS Bank India, said, “We always strive to sanction the adequate quantum of funding with competitive interest rates, to help customers grow their businesses. Leveraging DBS Bank’s technology prowess, we are setting a new industry benchmark with DBS Digital Business Loans. Through this platform, we are sanctioning e-loan offers in a matter of hours, significantly faster than the current market standard of over a week. We require minimal documentation for our decisioning and have even disbursed loans, end-to-end, in under 10 days*. The process is completely transparent, and the borrower can check the status of their loan application online, anytime.”

The bank has completed the pilot run for the DBS Digital Business Loans platform in New Delhi, Mumbai, Bengaluru, Chennai, Pune, Surat, Nashik, Kolhapur, and Kolkata. Loans worth INR 1,000Cr have already been disbursed via the platform to various businesses engaged in trading, manufacturing and services in these markets. Going forward, the bank will also offer the online credit platform to businesses in Gurugram, Noida, Navi Mumbai, Ahmedabad, Vadodara, Rajkot, Hyderabad, Coimbatore, Ludhiana, Jaipur, Nagpur, and Bhubaneswar.

With the establishment of a locally incorporated, wholly-owned subsidiary in 2019 – DBS Bank India Limited, the bank has accelerated its growth plans in the country and is building a greater scale by adopting a ‘phygital’ model. The bank has a total of 35 branches in 25 cities across India. DBS has designed end-to-end digitised solutions to seamlessly interweave banking into everyday life of customers by making it a part of their ecosystem. In keeping with this ethos, it has harnessed the power of technology to design solutions that make banking simpler and invisible for time-strapped business owners. The solutions eliminate the need for cumbersome documentation and offer a seamless and paperless banking experience.

Business World

DBS Bank India appoints Prashant Joshi as Managing Director and Head of National Distribution

Aug 18, 2020 by Gouri Achary 0 Comments #DBS Bank India, #Managing Director & CEO, #Prashant Joshi as Managing Director & Head of National Distribution, #Surojit Shome

DBS Bank India announced the appointment of Prashant Joshi as Managing Director & Head of National Distribution today. He brings with him close to three decades of experience in the banking sector across consumer, SME and corporate banking with leading banks and financial institutions. He will report to Surojit Shome, Managing Director & CEO of DBS Bank India Limited.

Commenting on the announcement, Surojit Shome, Managing Director & CEO, DBS Bank India said, “The bank is on a strong growth trajectory and we are very pleased to have Prashant on board to accelerate this momentum. His deep understanding and experience in both retail and SME segments will be invaluable to the bank’s growth plans as we expand our footprint across India.”

Prashant joins DBS Bank India from IndoStar Capital Finance, where he held the position of Chief Operating Officer and was responsible for setting up the SME and affordable housing finance business. Apart from this, he also managed the Operations & Technology platforms for all businesses.

Prior to IndoStar Capital Finance, Prashant has worked with Deutsche Bank for eight years and was responsible for creating a successful retail banking franchise. He has also created high quality, profitable SME and retail assets businesses at Standard Chartered Bank and IDBI Bank respectively. For the first decade of his career, Prashant worked in project finance and corporate finance at ICICI Limited and Rabo India Finance (a Rabobank subsidiary). He holds a bachelor’s degree in Commerce from the University of Bombay and is a qualified cost accountant. He also holds a Postgraduate Diploma in Management from the Indian Institute of Management, Calcutta.