DBS Bank India has received authorisation from the Reserve Bank of India (RBI) to operate as an Agency Bank for collecting Goods and Services Tax (GST) payments. This makes DBS Bank India the only wholly-owned subsidiary in the country to be granted this approval by the RBI.
The bank will facilitate instant GST payments through its digital banking platform, DBS IDEAL. The platform allows customers to download payment advice immediately, track transaction status in real time, and access dedicated client service support for queries related to GST payments. Customers can also make GST payments via NEFT/RTGS or at DBS branches, depending on their preference. The service aims to help businesses consolidate commercial and statutory payments while streamlining compliance processes.
Since its introduction in 2017, GST has contributed to formalising India's economy, with registered taxpayers rising from 6 million to about 15.1 million by 2025, according to data from the GST Council. Despite this growth, many businesses continue to face operational challenges such as fragmented approval workflows and manual processes that can lead to delays and increased operational risk.
Divyesh Dalal, Managing Director and Country Head – Global Transaction Services, Corporate Banking – Financial Institutions and SMEs at DBS Bank India, said: “GST compliance is a key priority for enterprises, and at DBS Bank India we are focused on making the process seamless and efficient. By integrating GST payments within DBS IDEAL, we now provide businesses with a secure, intuitive platform that delivers real-time visibility, seamless integration, and greater operational efficiency. This offering reflects our commitment to providing intelligent, contextual solutions that help enterprises manage their statutory obligations effectively.”
The bank’s digital platform provides features such as instant payment acknowledgements and consolidated views of all GST transactions. These tools are designed to reduce missed deadlines or penalties by enabling proactive monitoring.
DBS has been recognised as Asia’s Safest Bank by Global Finance for 16 consecutive years between 2009 and 2024. In addition to regional recognition for safety and digital leadership—including being named Best Digital Bank for SMEs in India by Euromoney in 2025—DBS Bank India was awarded Best Bank for Corporate Banking (Foreign Bank), Best Bank - Digital for Corporates in India, Best Bank - Ease of Doing Business for Corporates in India, and Best Bank - KYC Processes & Support for Corporates in India by Crisil Coalition Greenwich in 2025.
DBS operates across 19 markets with headquarters in Singapore. The bank offers a range of services including consumer banking as well as SME and corporate banking throughout Asia.