DBS Bank plans to triple gold loan business in five years | The Financial Express

DBS Bank plans to triple gold loan business in five years

It is also planning to launch its own proprietary credit card, scale up tie-ups for bancassurance and increase partnerships with NBFCs for co-lending.

DBS Bank plans to triple gold loan business in five years

Having achieved a significant retail footprint post amalgamation of the erstwhile Lakshmi Vilas Bank (LVB) into its fold, DBS Bank India, the wholly owned subsidiary of Singapore-based DBS, has chalked out aggressive plans in the gold loan segment, aiming to grow the portfolio by over three times in the next five years to Rs 13,500 crore. At present, the bank has a gold loan book of Rs 4, 500 crore.

Apart from this, DBS Bank India is planning to roll out its phygital offerings and products such as loans for SMEs, MSMEs, unsecured personal loans for individuals and small business loans against property for working capital requirement of small business establishments, to increase the share of retail banking.

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It is also planning to launch its own proprietary credit card, scale up tie-ups for bancassurance and increase partnerships with NBFCs for co-lending.

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Bharath Mani, executive director & head-retail customer segment, DBS Bank India, said: “We have seen a heightened demand for gold loans among the agrarian community and 70% of the demand is driven from southern India.” The bank is offering a range of services for large, medium, and small enterprises and retail customers in India.

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First published on: 04-11-2022 at 07:36 IST