Singapore-based DBS Bank is planning to expand its retail banking operations through remittance business between Singapore and India as well as domestic secured and unsecured loans business.
DBS managing director, head – consumer banking Rahul Johri told The Economic Times: "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."
DBS India Remit, the online platform for inward foreign exchange remittances to India for DBS Singapore non-resident Indian clients, is currently available in five metros.
"The service will become a differentiator for us to attract Singapore-based NRIs to bank with us as we grow our distribution reach," Johri continued.
DBS India provides home loans and loan against properties, and the bank intends to reach a book size of INR30bn in the next three years from the existing INR1bn size.
It currently serves mainly affluent customers in Pune, Mumbai, Delhi, Kolkata and Bengaluru.
Johri added: "As we garner more business and the processes become robust, we will enter new markets. We would define a road map for branch expansion once we start operating under the subsidiary route subject to central bank approvals."