DBS Bank launches 'mobile-only bank' in India

Posted on:28 Apr 2016 14:57:24

DBS Bank launches 'mobile-only bank' in India
28 April 2016 Current Affairs GK: The Singapore's largest bank, DBS has unveiled the 'mobile only bank’ in India. The ‘digibank’ uses technologies, such as bio metrics and artificial intelligence, to enable paperless, signature less and branch less bank.

This is the India's 1st mobile only bank which targeting 5 million retail customers. The bank will leverage bio metrics-enabled ID and Aadhaar card to ensure that that there is no paperwork. It will provide customer service via a 24*7 artificial intelligence-driven virtual assistant, which understands natural language and has learning ability, so that it is able to respond in real-time. 

Account-holders will have no minimum balance requirements and will also provide a physical debit card which can be used across all Visa-enabled online and point-of-sale transactions as well as in overseas.Higher than the five per cent it was offering till now, and free cash withdrawal across all ATMs.

DBS Bank : DBS Bank Ltd is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank.The bank was set up by the Government of Singapore in June 1968 to take over the industrial financing activities from the Economic Development Board. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region, earned it Global Finance's "Safest Bank in Asia" accolade for six consecutive years, from 2009 to 2014.

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