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, making it the only wholly-owned subsidiary in India to receive this approval from the RBI.
DBS Bank India will now enable customers to instantly effect GST payments using its digital banking platform for enterprises, DBS IDEAL. On this platform, customers can instantly download GST payment advice, receive real-time transaction status updates, and resolve related queries through dedicated client service support.
In addition to IDEAL-based payments, customers can also make GST payments through NEFT/RTGS or over the counter at the bank’s branches, depending on their preference. This offering will not only enable customers to consolidate all commercial and statutory payments but also streamline GST compliance through a robust digital banking platform.
Divyesh Dalal, Managing Director and Country Head – Global Transaction Services, Corporate Banking – Financial Institutions and SMEs, 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.”
