DBS targets ‘mass affluent’ in pivot to universal banking

CEO says the bank stands out among its peers, which largely cater to cos and the super-rich

- Shayan Ghosh

DBS Bank India chief executive officer Rajat Verma.

DBS Bank India is looking to target India’s rising ‘mass affluent’ base to become a true universal bank and stand out among its peers, which largely cater to companies and the super-rich, chief executive officer Rajat Verma told Mint in an interview.

Mass affluent refers to individuals who earn significantly more than the average consumer at around ₹30 lakh a year, but haven't yet reached ‘high-net-worth’ status.

Verma said the bank’s pivot to a universal banking model is already underway, having seen broad-based growth across its institutional, small business, retail and wealth verticals in 2025. It will look to maintain this growth across all key businesses in 2026 while focusing on select products and sub-segments, he added. He joined the bank in 2023 to head the institutional banking business and became its chief executive in 2025.