DBS AND SBI LAUNCH NEW RUPEE REMITTANCE SERVICE
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DBS/POSB customers can now remit funds to over 46,000 bank branches in India
SINGAPORE, 25 November 2009 - DBS Bank, Southeast Asia’s largest bank, announced today that it has entered into a partnership with the State Bank of India (SBI), India's largest bank, to offer an online Remittance service from Singapore to India. Through the service, known as 'DBS2SBI Remittance', DBS/POSB customers will now be able to transfer funds quickly and conveniently to beneficiary accounts at over 16,000 SBI branches, as well as to 30,000 other branches in India.
DBS head of consumer banking Rajan Raju said, "We are constantly exploring opportunities to offer greater convenience to our customers. India is one of the key recipients of home remittance from Singapore. We currently offer direct remittance service from DBS/POSB accounts in Singapore to accounts with 10 DBS branches across India. The DBS2SBI Remittance service will further enhance our current offerings, providing our clients with extended reach and distribution for payments in India by leveraging the SBI branch network. With its wide network, large audience and popularity in India, the partnership with SBI is an ideal choice and is the latest addition to our remittance options to India."
"SBI is a household name in India, and it is only natural and makes perfect sense for us to partner with a bank which resonates similarly in Singapore. Establishing this arrangement with DBS marks another milestone we've achieved since attaining our QFB license in Singapore. Through this tie-up with DBS, we are able to provide speed, convenience and ease to customers banking with DBS/POSB, who wish to send remittance to our clients of the SBI Group in India,” said Mr Seah Boon Ching, Head of Consumer Banking, SBI Singapore.
To remit funds using DBS2SBI, consumers first need to initiate the remittance via SBI’s online remittance service E-Remit at https://eremit.sbising.com. Using the reference number provided, consumers would then need to perform a separate bill payment to SBI using DBS' online banking channel, DBS iBanking. The funds will be made available to the beneficiaries in India as early as noon the next working day.
SBI Singapore has launched a suite of retail banking products to complement its existing corporate banking products, as well as to enable the bank to service both individual and corporate customers.
About DBS
DBS is the largest bank in Singapore, a leading bank in Hong Kong and is one of the largest financial services groups in Asia. Headquartered in Singapore, DBS has operations in 16 markets and is a well-capitalised bank with "AA-" and "Aa1" credit ratings, one of the highest in the Asia Pacific region.
As a bank that specialises in Asia, DBS leverages its insights, deep understanding of the region and appreciation of local cultures to serve and build lasting relationships with its clients. DBS provides a full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. DBS will leverage its growing presence in China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows in the Greater China region. The bank is also focused on extending its footprint and facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 14,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
About State Bank of India (SBI)
State Bank of India, with a 200 year history, is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The Government of India is the single largest shareholder of this Fortune 500 entity with 59.73% ownership. Ranked 64th in the list of Top 1000 Banks in the world by "The Banker" in July 2009 and 11th in the list of Top 25 Banks in Asia, SBI is easily the most visible face of Indian banking.
The SBI group, consisting of SBI, six associate banks and more than 50 subsidiaries and joint ventures worldwide, is engaged in the business of commercial banking globally. The group has an extensive network, with over 16,200 branches and 130 foreign offices in 32 countries across the Asia, Middle East, Europe, North America, Africa and Australia. As of 31st March 2009, the Group had assets worth USD 257 billion, deposits of USD 199 billion and capital & reserves in excess of USD 14 billion. The group commands nearly 25% share of the domestic Indian banking market with a customer base of over 146 million. Over 70% of large Indian corporations and 50% of mid-sized corporations bank with SBI.
SBI Singapore was awarded the Qualifying Full Banking (QFB) License by the MAS in April, 2008. Since then, the bank has opened seven Retail branches in the CBD and HDB Town Centres. The Bank has also installed five Offsite ATMs in various parts of Singapore to expand their reach. SBI joined the QFB ATM network commonly referred to as ATM5 in September 2009. This collaboration has expanded the bank's reach to 116 ATMs island wide.