DBS Bank Expanding to more Cities in India
DBS Bank which is a Singapore-based bank will open up more branches in existing cities and new branches in additional cites as part of its plan to expand from a business point of view.
Singapore-headquartered DBS Bank is in plans to expand its physical reach in the country through new branches and kiosks.
Apart from adding more facilities in pre-existing cities such as Andheri in Mumbai, Gurugram, and Noida, the group will also open up nine new branches across Hyderabad, Ahmedabad, Coimbatore, Vadodara, Indore, and Ludhiana, in March 2019.
As the bank expands across Tier 1 and Tier 2 cities all over India , The DBS will also open up five new branches in unbanked rural areas of the country.This plan comes right after the bank’s launch as a wholly-owned subsidiary under the names the DBS Bank India Ltd (DBIL), according to a press statement that was released recently.Currently, the banking giant operates from India out of 12 cities including Delhi, Surat, Mumbai, Nashik, Pune, Kolhapur, Bengaluru, Cuddalore, Chennai, Moradabad, Kolkata, and Salem.The overall goal of the banking institution is to scale up across the country by using a “phygital” model to help large corporations and SMEs with lending solutions.
According to Piyush Gupta, who is the Group CEO of DBS, invested in expanding DBS reach in Asia’s two biggest markets-China and India, “ remains crucial. After recently riding the “Asia’s two biggest markets—China and India,” remain important. Recently after riding the success of data-driven lending options for SMEs, setting up a full-fledged subsidiary seemed like a natural step put forward for the company to scale up its operations in the country.