Mumbai: DBS Bank India has been authorised by the Reserve Bank of India (RBI) as an Agency Bank to collect Goods and Services Tax (GST) payments. With this, it becomes the only wholly-owned foreign bank subsidiary in India to receive such approval.
The bank will facilitate instant GST payments through its digital corporate banking platform, DBS IDEAL, where customers can download payment advice, track transactions in real-time, and access dedicated client support. Enterprises will also have the option to pay via NEFT/RTGS or directly at DBS Bank India branches.
The move is aimed at simplifying GST compliance, a growing need as registered taxpayers have risen from 60 lakh in 2017 to nearly 1.51 crore in 2025. Many businesses continue to face challenges such as fragmented workflows, manual uploads, and time-consuming reconciliations. DBS Bank India seeks to address these gaps by offering a secure, integrated, and efficient payment experience.
Commenting on the development, Divyesh Dalal, Managing Director and Country Head – Global Transaction Services, DBS Bank India, said:
“GST compliance is a key priority for enterprises. By integrating GST payments within DBS IDEAL, we are enabling businesses with real-time visibility, seamless integration, and greater operational efficiency. This underlines our commitment to delivering intelligent, contextual solutions for enterprises.”
Through this platform, businesses gain instant acknowledgements, consolidated payment visibility, and proactive monitoring—helping reduce missed deadlines and penalties.
DBS Bank India has earned multiple industry recognitions, including Asia’s Safest Bank by Global Finance for 16 consecutive years (2009–2024) and Best Digital Bank for SMEs in India 2025 by Euromoney. In the same year, it was also recognised by Crisil Coalition Greenwich across several corporate banking categories.
