DBS Bank has major plans for its business in India, according to its CEO Piyush Gupta. He will increase staff in the fast-growing economy by 50 percent to meet demand.
Singapore’s largest lender will start operating as DBS Bank India once it receives approval from the Reserve Bank of India. The bank will then transform its 12 branches into a newly registered wholly-owned subsidiary, according to report from India's «Economic Times».
«We plan to move quickly from 12 cities and 12 branches now to 30 cities and 50 branches and 70 other outlets within 12 months. We see huge growth in this market,» Piyush Gupta, CEO of DBS, told the Indian publication. DBS currently has 1,200 employees in the country and plans to hire an additional 600 to 800 to meet future demand.
Biometric Bank
In preparation for the push and underlining its commitment to India, DBS inaugurated its new India headquarters spread across 100,000 square feet over five floors at the Express Towers in Nariman Point, Mumbai in September 2017.
In 2016, DBS launched «digibank» in India, the country's first mobile-only bank. There is no paperwork involved to open an account. The bank established customer authentication with Aadhaar card, a biometrics-enabled ID which has been issued to over 1 billion Indians in what is the world’s largest biometric identification program.
