DBS Bank India, a leading Indian banking brand, is all set to launch affordable housing finance within the next three to six months, according to Prashant Joshi, Managing Director and Head of Consumer Banking Group. With an extensive network of 520+ branches following the amalgamation with Lakshmi Vilas Bank (LVB) in November 2020, DBS Bank India is poised to take the market by storm.
Speaking to Moneycontrol, Joshi outlined DBS’s plans for consumer banking and its strategy for secured lending product growth. According to Joshi, this includes gold loans, MSME financing, and affordable housing finance – the latter of which the bank expects to start in the next three to six months.
The merger between LVB and DBS Bank India has delivered several benefits. The bank’s retail deposits have jumped from 10-15 percent to 40 percent, and its consumer and SME lending book at a bank level is now around one-third of the total book. What’s more, CASA deposits have increased to around 30 percent post-merger.
Prashant Joshi has been the Managing Director and Head of Consumer Banking Group at DBS Bank India since 2018. Prior to this, he had spent over 22 years with Citibank in leadership roles across its global consumer banking, private wealth banking and cards businesses.
Founded in 1968, DBS Bank India has since served as a major player in India’s banking and financial services landscape. The bank’s various offerings include consumer banking, corporate banking, investment management, transaction banking, advisory and capital markets services.
DBS’s commitment to customer service and innovation has been recognized across India and the wider region. In its 50-year history, the bank has won many accolades both at home and abroad, including the CNBC-TV18’s Best Bank Award, the Asset Triple A Digital Bank of the Year (India) Award, and The Banking Awards: Best Domestic Bank in India. With Joshi at the helm, DBS is set to continue to deliver reliable, convenient and secure services to the banking consumers of India.
