DBS launches India's first mobile-only bank

Singapore

DBS Bank aims to add five million retail customers in India over the next three to five years, and take in deposits of about S$10 billion through India's first mobile-only bank that it launched on Tuesday, its chief executive Piyush Gupta said.

The bank, which targets to break even in this venture in about three years, hopes to steal a march in India's retail banking segment by tapping a unique biometric identification system in the country.