Is DBS bank safe in India ? yes DBS bank is approved by RBI.
For the 12th consecutive year, DBS has been recognized as Asia’s safest bank.
RBI approves Amalgamation of DBS Bank Ltd., India with DBS Bank India Limited.
The Reserve Bank of India has approved the amalgamation plan of DBS Bank Ltd., India’s entire operations with DBS Bank India Limited. The latter has been licensed by the Reserve Bank to conduct banking business in India as a Wholly Owned Subsidiary (WOS) under section 22(1) of the Banking Regulation Act, 1949. This scheme has been sanctioned under the powers specified in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.
Maintaining its position since 2019 and 2018, it is ranked as the 14th safest bank globally and the fourth-safest among commercial banks worldwide.
Singapore, Hong Kong, Indonesia, India, China, Taiwan, Regional, 20 October 2020 – DBS Bank proudly announced today that it has been recognized as the “Safest Bank in Asia” for the 12th year in a row by the New York-based trade publication Global Finance. DBS’s position as the fourth-safest commercial bank in the world and the 14th safest bank globally remains steady from its rankings in 2019 and 2018.
Joseph D. Giarraputo, Global Finance’s publisher and editorial director, commented, “Throughout most of 2020, the world has faced the challenges of the COVID-19 pandemic, significant drops in economic activity, and in some areas, serious social unrest. Any of these could have greatly affected the creditworthiness of banks. However, the positions of the world’s largest banks on Global Finance’s World’s Safest Banks 2020 lists have largely remained stable. It’s uncertain when or if significant changes will occur. Meanwhile, these rankings serve as a critical benchmark for companies, investors, and individuals in assessing the safety of banks they engage with.”
Global Finance also added, “In a year marked by significant upheaval, DBS has once again been confirmed as the safest bank in Asia for the 12th consecutive year, as well as one of the world’s safest banks. This underscores the bank’s strength and resilience, reflecting its robust presence in key regional markets.”
Chng Sok Hui, Chief Financial Officer of DBS Bank, expressed, “We are deeply honored that Global Finance has acknowledged us as the Safest Bank in Asia for the 12th year in a row. Despite the challenging times, our commitment to maintaining the trust of our customers and meeting all their banking needs remains unwavering. Though the environment may remain uncertain, we are confident that our solid capital base, strong customer relationships, and advanced digital strategy will enable us to continue supporting our customers and communities effectively.”
For the past 25 years, Global Finance’s annual ranking of the World’s 50 Safest Banks has been a trusted standard for financial counterparty safety. Winners are selected based on an evaluation of long-term foreign currency ratings from Moody’s, Standard & Poor’s, and Fitch, covering the 500 largest banks worldwide.
In addition to this honour, DBS was also chosen by Global Finance as the ‘Best Bank in the World’ for 2020, following a similar win in 2018. The bank was named ‘World’s Best Bank’ by Euromoney in 2019 and ‘Global Bank of the Year’ by The Banker, a Financial Times publication, in 2018. This marks the third consecutive year that DBS has been awarded a global Best Bank accolade.
About DBS
DBS stands out as a premier financial services group in Asia, with operations spanning 18 markets. Headquartered and publicly traded in Singapore, DBS is strategically positioned in the key growth areas of Greater China, Southeast Asia, and South Asia. The bank boasts impressive credit ratings of “AA-” and “Aa1,” among the highest globally.
DBS’s excellence in global banking has earned it prestigious accolades such as “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker, and “Best Bank in the World” by Global Finance. Leading the charge in digital innovation, DBS has also been recognized as the “World’s Best Digital Bank” by Euromoney. Additionally, from 2009 to 2020, Global Finance named DBS the “Safest Bank in Asia” for 12 consecutive years.
Offering a comprehensive suite of services in consumer, SME, and corporate banking, DBS leverages its deep understanding of Asia’s dynamic markets. The bank is dedicated to fostering enduring relationships with clients and making a positive impact on communities by supporting social enterprises and banking in the Asian way. To enhance its corporate social responsibility efforts, DBS has established a SGD 50 million foundation.
With a robust presence in Asia and a strong focus on staff engagement and empowerment, DBS offers exciting career prospects. The bank values the passion, dedication, and can-do attitude of its 29,000 employees, representing over 40 nationalities. For more information, visit www.dbs.com.
Is DBS bank safe in India ?
DBS Bank is generally considered safe in India. Here are some reasons supporting its safety and reliability:
- Regulation and Compliance: DBS Bank operates under the regulatory framework of the Reserve Bank of India (RBI), which ensures that it complies with stringent banking regulations and standards.
- Global Reputation: As part of a leading financial services group headquartered in Singapore, DBS has a strong global reputation for stability and sound banking practices.
- Credit Ratings: DBS holds high credit ratings (“AA-” and “Aa1”), which reflect its financial stability and ability to meet its obligations.
- Recognition and Awards: The bank has been recognized with numerous awards, such as “World’s Best Bank” and “Safest Bank in Asia,” highlighting its commitment to security and excellence.
- Digital Security: DBS is at the forefront of leveraging digital technology, which includes robust cybersecurity measures to protect customer data and transactions.
- Local Presence and Understanding: With its deep understanding of the Indian market, DBS has tailored its services to meet the specific needs and expectations of Indian customers, ensuring reliable and safe banking experiences.
Customers in India can generally trust DBS Bank for their banking needs, given its strong regulatory compliance, global and local recognition, and commitment to safety and security.
How safe is DBS India?
Overview. DBS, Asia’s Safest Bank offers a wide array of Safe Deposit Locker facilities across its extensive branch network for the safety of your valuables and documents. Keep your precious belongings, jewellery and ornaments secure in DBS lockers at an attractive rental.
Is DBS Bank legal in India?
DBS has established its presence in India for nearly three decades, with its inaugural office opening in Mumbai in 1994. DBS Bank India Limited is notable for being the first large foreign bank in the country to operate as a wholly-owned, locally incorporated subsidiary of a major global banking institution.
Is DBS bank approved by RBI?
No bank can operate openly or offer banking services without RBI’s approval. Therefore, DBS Bank has received the necessary approval from RBI. Additionally, DBS has been making substantial investments in India to expand its operations and increase its presence across various cities.
Is DBS bank safe in India ?
Yes ! DBS bank approved by RBI.
