DBS Full Form

The Development Bank of Singapore is spread over the markets of over eighteen countries with the main market being Southeast Asia. The New York-based financial publication, “Global Finance”, has awarded DBS with the accolade of ‘Best Bank in the World’ for the year 2020. The bank had also won this award in the year 2018 and was ‘Global Bank of the Year’ in 2019. It has also been in the news for being named ‘Singapore’s most valuable brand’ for the seventh consecutive year in 2021.

History of Development Bank of Singapore

The history of DBS dates back to the early 1960s. The proposal was first mentioned in the report of the United Nations Industry Survey Mission, led by a Dutch economist Albert Winsemius, the mission toured Singapore twice in 1960 and 1961. It proposed the setting up of an economic body which will lead the industrialization programme in the country. This body would attract foreign investments, provide industrial financing and also manage industrial estates. The EDB (Economic Development Board) was founded on August 1, 1961, and in April 1968, the Singapore government announced its plans of initializing a development bank with equity participation from the public. The DBS finally came into being in July 1968 and began operations in September 1968. Hon Sui Sen, who had functioned as the chairman of EDB until December 1968, was appointed as the first president and the chairman of the DBS.

Over the years, the DBS has undertaken many developmental projects and acquisitions. It also became the first in Singapore to launch its Asian dollar bond issue in December 1971. The bank opened its first branch in Singapore, in Jurong. The bank entered the international market in the year 1977 with the opening of a branch in Tokyo, Japan. According to an estimation, the total number of employees in the bank for the year 2017, was 24174. Presently, the bank provides services like retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance.

Requirements to Open a Bank Account

A DBS account can easily be opened in Singapore by filling out an online application form. For the Online Personal/Joint-Alternate Account Application, each applicant is required to upload a scanned copy of the required documents, whereas, for Branch Account Application, the applicants are required to bring along the original copy of the required documents.

The important documents required for account opening are as follows:

1.     Identification Document

 Provide front and back of NRIC.

 For applicants under the age of 15/not issued NRIC:

• Birth Certificate( For Singaporeans)
• Valid Re-entry permit and passport (For Singapore permanent residents)

2.     Proof of Residential Address

• Back of NRIC
• Local utility bill
• Local telecommunications bill
• Local bank-statement/ credit card statement
• Letter issued by the government of other public bodies regulated for AML practices in FATF member country
• Letter from regulated insurance companies in FATF member countries.
• Letter from school(restricted to official letters from educational institutions or schools under the purview of the Council for Private Education or Ministry of Education)

The steps to open an online savings account in DBS in India are a similar process. The applicants are required to fill out an online form and upload the required documents. The digibank verifies the given KYC details and the account is opened.

The following documents are required to open an online savings account in DBS in India:

1.     ID proof documents (any one)

• PAN Card
• Aadhar Card
• Passport
• Drivers’ License
• Voter ID Card
• Employee ID Card with photograph
• Other photo ID cards issued by the government

2.     Address Proof Documents (any one)

• Aadhar Card
• Passport
• Drivers’ License
• Voter ID Card
• Rental Agreement/Lease
• Latest Utility Bills (electricity,water,telephone,gas)

DBS Presence in India 

The Development Bank of Singapore currently operates 12 branches spread across India. These branches are located in major cities like Chennai, Hyderabad, Pune, Mumbai etc. Sachin Tendulkar serves as the brand ambassador for the bank in India. Based on an order issued by the Reserve Bank of India, DBS recently amalgamated Laxmi Vilas Bank in November 2020. This is the first instance of RBI, allowing a foreign bank to come to the aid of an Indian bank, struggling financially. The Indian subsidiary of the DBS is expected to invest $335 million for a 51 per cent stake in the Laxmi Vilas Bank.  The Singapore giant has also entered into a series of partnerships to expand its scope for business in India. It has partnered with Tata AIA Life and Birla Sun Life along with Aviva India Life.

Development Bank of Singapore in News

1. Development Bank of Singapore discourages Crypto Trading amongst the Public

Singapore added its name to the list of the countries discouraging crypto trading amongst its general public owing to the risky nature of the instrument, volatility and unregulated market. Singapore is perceived as a very popular country for crypto trading owing to its regulations for the same. However, taking the recent increase in crypto transactions, the government has discouraged crypto transactions for the general public.

2. Development Bank of Singapore supporting the Social Entrepreneurial Initiatives is contributing toward the Zero-Waste Economy

As a contribution to the company’s CSR activities, the Development Bank of Singapore is emerging as a pioneer in supporting social entrepreneurial enterprises. Through several collaborations, the DBS is contributing its part toward the sustainable development and zero-waste economy and has launched several initiatives such as: ‘Do it for the Gram’, ‘Leading by Example’ and ‘Clean up Act’.

Conclusion

The article summarises the history of the famous Development Bank of Singapore, the milestones it has achieved over the years and the presence it has made in the country of India. The reserve bank of India for the first time in a historic decision has allowed a foreign bank to take control over the Indian bank.