What is the Full Form of DBS

DBS: Development Bank of Singapore

DBS stands for Development Bank of Singapore. The Development Bank of Singapore, or DBS, is a well-known financial services organization with headquarters in Singapore. DBS is headquartered in the Mariana Bay Financial Centre in the Marina Bay neighborhood of Singapore. The Development Bank of Singapore Limited was the previous (or initial) name of this financial institution.

The Development Bank of Singapore has operations in more than eighteen nations, with Southeast Asia serving as its primary market. "Global Finance", a financial magazine with headquarters in New York, has named DBS the "Best Bank in the World" for the coming years. The bank received this honor in 2018 and was titled "Global Bank of the Year" in 2019. Additionally, it has made headlines for being dubbed "Singapore's most valuable brand" in 2021, which was the seventh time in a row.

The Development Bank of Singapore's Past/ History

DBS has a long history that began in the early 1960s. The idea was first presented in the United Nations Industry Survey Mission's report. The mission, which was directed by Dutch economist Albert Winsemius and visited Singapore twice in 1960 and 1961, is credited with developing the idea. It suggested establishing a business entity to oversee the nation's industrialization effort. This organization would administer industrial estates, provide finance for businesses, and entice international investment. The Singaporean government announced plans to launch a development bank with public equity participation in April 1968. The Economic Development Board, or EDB, was established on August 1st, 1961. The DBS was formally established in July 1968 and officially launched in September of that same year. The very first president and chairman of the DBS was chosen to be Hon Sui Sen, who already had served as the EDB's chairman up until December 1968.

Over the years, the DBS has engaged in a great deal of acquisition and development work. In December 1971, it likewise became the first company in Singapore to issue Asian dollar bonds. The bank established its first location in Jurong, Singapore. When a branch was established in Tokyo, Japan, the bank moved into the international market the same year. In the bank, there were around 24174 total workers as of 2017, according to an estimate. Currently, the bank offers services like private banking, credit cards, retail banking, corporate finance, wealth management, investment banking, mortgage loans, and insurance.

DBS Presence in India

There are now 12 branches of the Development Bank of Singapore operating throughout India. These branches can be found in well-known cities like Mumbai, Pune, Chennai, Hyderabad, and others. The bank's brand ambassador in India is Sachin Tendulkar. In accordance with a directive from the Reserve Bank of India, Laxmi Vilas Bank and DBS were merged in November 2020. This was the first instance in which the RBI allowed a foreign bank to help a struggling Indian bank. About $335 million investment was estimated from the DBS Indian subsidiary to acquire a 51% interest in the Laxmi Vilas Bank.

To increase its opportunities for business in India, the Singaporean company has also formed a number of alliances. DBS bank has teamed up with Birla Sun Life, Tata AIA Life, and Aviva India Life.

News about the Development Bank of Singapore

1. The Development Bank of Singapore prohibits the public use of cryptocurrency trading.

Due to the dangerous nature of the commodity, market volatility, and lack of regulation, Singapore has now been added to the list of nations that discourage their citizens from trading cryptocurrencies. Due to its strict laws, Singapore is thought of as a very popular location for cryptocurrency trading. The government has, however, opposed crypto transactions for the public at large due to the recent rise in cryptocurrency transactions. Therefore, DBS has followed the same.

2. Supporting social entrepreneurial initiatives by the Development Bank of Singapore advances the zero-waste economy.

The Development Bank of Singapore is establishing itself as a trailblazer in assisting social entrepreneurial businesses as part of the organization's CSR (Corporate Social Responsibility) initiatives. The DBS has started a number of projects like "Do it for the Gram", "Leading by Example", and "Clean up Act" as part of its efforts to support sustainable development and a zero-waste economy.

The Bottom Line

The famed Development Bank of Singapore's history is outlined in the article, along with the significant accomplishments and impact it has had on India. For the first time in history, a foreign bank was allowed by the Reserve Bank of India (RBI) to assume control of an Indian bank (Lakshmi Vilas Bank).