DBS launches India's first mobile-only bank

DBS Bank on Tuesday launched India's first mobile-only bank, which goes paperless and branchless.

Account-opening will be done through a network of outlets run by DBS's partner, including over 500 cafes across India for a start.

Customer authentication is done purely using the Aadhaar card, a biometrics-enabled ID which has been issued to over one billion Indians - the world's largest biometric identification programme - the bank said. Customer service will be backed by artificial-intelligence technology.

"India's banking system is at the cusp of massive change, and as a bank committed to shaping the future of banking, we are excited to roll out a revolutionary, mobile-only bank," said DBS CEO Piyush Gupta in a media statement. "Digibank's efficiencies and lower costs enable us to pass on significant benefits to customers in the form of greater customer value."