DBS Bank India to launch proprietary credit cards in three months

April 04, 2023

DBS Bank India will launch proprietary credit cards in the next three months, said Prashant Joshi, managing director and head consumer banking group.

“Our first priority right now is to significantly scale the Bajaj Finserv-DBS Bank co-branded credit card. We have already crossed 200,000 customers and would like to reach 500,000 sooner rather than later,” he said.

“We are also getting our own proprietary credit cards and they will be in place in the next three months. We will also look at some other co-branding partners if there are interesting ideas,” Joshi said.

Currently, the bank has a co-branding partnership with Bajaj Finance for the Bajaj Finserv DBS Bank SuperCard.

The bank’s outstanding credit cards stood at 196,282 as on February 28, the latest data from the Reserve Bank of India showed. Credit card spends clocked ₹174.5 crore.

Broadly, the bank has three consumer banking products gold loans, unsecured personal loans and credit cards.

“After the amalgamation of Lakshmi Vilas Bank with DBS Bank India, we are present in close to 350 locations with more than 520 branches. It is logical that our emphasis on consumer and MSME lending is significant. Today, one-third of our balance sheet is consumer and MSME and the rest is exposure to large corporates. In the next five years, we need to inverse this proportion, which means that consumer and MSME segments will grow much faster and will constitute two-thirds of our balance sheet. So, it is a big area of focus for us,” he said.