Mumbai: DBS Bank India has received authorisation from the Reserve Bank of India (RBI) as an Agency Bank for GST payments, becoming the only wholly owned subsidiary bank in India with this mandate.
With this approval, DBS Bank India will enable businesses to make real-time GST payments through its enterprise digital platform, DBS IDEAL.
Customers can instantly download GST payment advice, track transaction status live, and access client service support for queries. Additionally, GST payments can be executed via NEFT/RTGS or over the counter at bank branches, giving enterprises flexibility in managing statutory obligations.
Also Read: Indian CFOs Turn to AI and Digital Intelligence for Treasury Transformation: DBS Survey
Streamlined GST Compliance Through DBS IDEAL
Since the introduction of GST in 2017, registered taxpayers have increased from 60 lakh to approximately 1.51 crore in 2025. However, enterprises continue to face hurdles such as fragmented approval workflows, manual challan uploads, and delayed reconciliations.
By integrating GST payments into DBS IDEAL, DBS Bank India offers businesses an intuitive and secure solution that enhances compliance, reduces operational risks, and provides real-time visibility.
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. By embedding GST payments into DBS IDEAL, we are providing businesses with a seamless, secure, and transparent platform that ensures operational efficiency and statutory compliance.”
Also Read: DBS Bank India Waives Prepayment and Foreclosure Charges for MSMEs Registered with UDYAM
Awards and Recognition for DBS Bank India
DBS Bank India has consistently been recognised for its digital innovation and banking leadership. DBS has been named Asia’s Safest Bank by Global Finance for 16 years in a row (2009–2024) and was awarded Best Digital Bank for SMEs in India by Euromoney in 2025.
It also received multiple accolades in 2025, including Best Bank for Corporate Banking (Foreign Bank), Best Bank – Digital for Corporates in India, Best Bank – Ease of Doing Business for Corporates, and Best Bank – KYC Processes & Support for Corporates by Crisil Coalition Greenwich.
