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DBS Bank India Becomes First Foreign Bank Subsidiary Authorized by RBI as Agency Bank for GST Collections.

Banking & Finance | Dated: 22 Sep 2025

In September 2025, DBS Bank India became the first wholly owned subsidiary of a foreign bank in India to be authorized by the Reserve Bank of India (RBI) as an agency bank for collecting Goods and Services Tax (GST) payments on behalf of the Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance (MoF).

🎯 Key Highlights:

  • - DBS Bank India’s authorization allows it to facilitate GST collections, enhancing tax administration efficiency and providing businesses with seamless digital payment solutions integrated into the National Pension and Tax frameworks.

💡 Other Important Facts:

  • (i) The bank will deliver GST collection services through its enterprise digital banking platform, DBS IDEAL, which supports real-time transaction updates, instant payment acknowledgements, and downloadable payment advices, improving compliance and recordkeeping for corporates.
  • (ii) Apart from digital collections, taxpayers can also use National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), and over-the-counter (OTC) payments at DBS Bank India branches, offering multiple flexible modes of payment to meet varied business requirements.
  • (iii) DBS IDEAL also ensures dedicated client support for businesses, assisting in resolving GST compliance queries efficiently and ensuring smooth integration of tax payment processes with enterprise financial operations.

📚 Test Your Knowledge:

Recently, which bank became the first wholly owned subsidiary of a foreign bank in India to be authorized by the RBI as an agency bank to collect GST payments?

Correct Answer: DBS Bank India

🚀 Quick Recap: