MUMBAI, NFAPost: DBS Bank India Limited (DBIL) announced that it has received capital infusion of Rs 2,500 crore from DBS Bank Limited, Singapore, to support the India franchise, following the amalgamation of Lakshmi Vilas Bank (LVB) with DBIL.
DBS Bank India Limited (DBIL) is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation.
The amalgamation provides stability and better prospects to LVB’s depositors, customers and employees following a period of uncertainty. Once the integration is complete, customers will be able to access a wider range of products and services, including access to the full suite of DBS digital banking services which have won multiple global accolades.
The scheme of amalgamation came into effect on 27 November 2020. DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. DBS was also ranked No 1 in India by Forbes in its 2020 list of the World’s Best Banks.
DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. DBS Bank India Limited is first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank.
DBS provides an entire range of banking services for large, medium and small enterprises and to individual consumers in India. In 2016, DBS launched India’s first, mobile-only bank – digibank, which now has over 2.6 million customers.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000 staff representing over 40 nationalities. For more information, please visit www.dbs.com.
