DBS Bank inaugurates IFSC Banking Unit in GIFT City

India.16 Jul 2023
India, 16 Jul 2023 - DBS Bank Ltd., Singapore’s largest bank, is pleased to announce its IFSC Banking Unit (IBU) in the Gujarat International Finance Tec-City (GIFT City), Gandhinagar. The IBU was inaugurated today by Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, in the presence of dignitaries from the International Financial Services Centres Authority (IFSCA), the Monetary Authority of Singapore (MAS) and GIFT City. GIFT City houses India's first International Financial Services Centre (IFSC), offering a conducive regulatory environment, tax benefits, and other business enablers. 

The DBS GIFT City IBU will initially focus on delivering corporate banking services, encompassing a range of foreign currency denominated loans, including external commercial borrowings (ECB) and trade finance products. DBS Bank expects to build a book exceeding US$ 1Bln in the first year of operations. DBS will also expand the suite of offerings from the financial hub including solutions for its private banking clients. The opening of the DBS IBU in the GIFT International Financial Services Centre is a significant enabler for the bank's growth strategy for India.

DBS has been named 'Safest Bank in Asia' by Global Finance for 14 consecutive years. DBS Bank already has a significant presence in India through its wholly owned subsidiary DBS Bank India Limited. The Bank combines a strong global lineage with a deep understanding of the Indian market to offer a full range of institutional banking, SME and retail banking services. Coupled with a nationwide physical network of ~530 branches in 350+ locations across the country, DBS Bank India leverages its strong digital capabilities to reimagine banking for a more seamless, intelligent customer experience.




About DBS:

DBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the “World’s Best Bank” thrice by Global Finance since 2018. DBS was also recognised as the “World’s Best Bank” by Euromoney in 2021 for the second time in three years and “Global Bank of the Year” by The Banker in 2021. The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the “World’s Best Digital Bank” by Euromoney in 2021 and the world's “Most Innovative in Digital Banking” by The Banker in the same year. Apart from these accolades, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.

DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the 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 a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.

DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.

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 of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.

Media Contacts:

DBS Bank India

Rohini Rego


99305 49207

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Chennakeshav Shenoy