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DBS India to launch affordable housing finance
April 05, 2023
DBS Bank India plans to launch affordable housing finance soon, Prashant Joshi, Managing Director and head of the consumer banking group, told Moneycontrol.
“The affordable housing finance we expect to start sometime in the next three to six months,” Joshi said.
Joshi also spoke on industry issues, the lender’s business plans and the merger between Lakshmi Vilas Bank (LVB) and DBS Bank India that took place in November 2020.
LVB depositors have been using DBS branches for all banking needs. Customers, including depositors of LVB, have been allowed to their accounts as customers of DBS Bank India with effect from November 27, 2020. Edited excerpts:
On lending, we have said that there is secured lending product growth we have identified the strategy in three categories. One is gold loans, the second is MSME (Micro, Small and Medium Enterprise) financing on the consumer side and the third is what we haven’t yet started, which is affordable housing finance, which we expect to start sometime in the next three to six months.
Before November 2020, that is before the amalgamation with Lakshmi Vilas Bank, DBS were just 37 branches; now we have gone to 520+ branches. It has multiplied our distribution manifold in terms of branches.
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