Singapore-based DBS Bank is, reportedly, planning to increase its retail deposit base in India from current INR2.5bn ($40.2m) to INR83bn ($1.33bn).
The current retail deposit base, which includes wholesale or corporate deposits, account for only 3% of the total deposit base. By 2015-16, DBS Bank aims to grow its retail deposit base to INR10bn ($161m).
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DBS Bank consumer banking head, Rahul Johri, was quoted by The Hindu Business Line as saying that they plan to get into the retail assets side to expand retail business.
"We are going to launch mortgages in Delhi and Mumbai by May this year. Subsequently, we will launch mortgages in Bangalore and Pune by September," Johri added.
DBS Bank, which has 12 branches in India, initially plans to provide financing to wealthy customers, followed by lower value houses segment.
Johri said once the bank launches the mortgage business, instalments will likely get routed through the savings bank account.
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By GlobalData"That will give us a fillip. We are looking to increase the saving bank accounts contribution in total liabilities (deposit base) to 10 per cent by 2015," Johri added.
