The GST Council had asked the bank to pay integrated GST on banking services provided to its head office in Singapore.
Official data showed India's gross domestic product (GDP) grew 7 percent annually for the quarter, sharply beating expectations for a 6.4 percent growth rate in a Reuters poll. The economy slowed from the September quarter's 7.3 percent annual growth rate.
A Reuters poll last week, conducted before the government presented its annual Budget, showed 28 of 46 participants expected the RBI on Wednesday to cut the repo rate by 25 basis points to 6.0 percent, its lowest since November 2010. Another two expected a 50 bps cut.
Prime Minister Narendra Modi's surprise decision last November to scrap high-value banknotes worth 86 percent of India's cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments.
If oil continues to remain higher, can see pressure on the rupee, with the pair moving towards 68.06-68.70/USD, says Arvind Narayanan, DBS Bank.
Watch the interview of Arvind Narayanan, Head of Sales, Treasury & Markets, DBS Bank with Manisha Gupta on CNBC-TV18, in which he shared his reading and outlook on emerging market currencies and Fed rate hike.
DBS Bank sees GST likely to be more positive for the Central government compared to State governments when it comes to the fiscal.
Gupta also feels that some of the reform agenda driven by the current Indian administration is under appreciated. States are now competing with each other while Rajasthan, Tamil Nadu and Madhya Pradesh are pushing ahead with land and labour reforms.
Financial technologies player PayTM on June 8 ruled out joining the rate war in the savings account interest rate space when it launches its payments bank, instead it will focus on increasing revenue-accretive transactions
Provisions for non-performing assets went up nearly four-fold to Rs 239.75 crore from Rs 54.74 crore, but there was heavy fall in other provisions to Rs 170.95 crore from Rs 871.30 crore.
Singaporean lender DBS Bank is creating its biggest technology hub outside of headquarters, in Hyderabad where the company plans to have over 1,500 headcount.
DBS India would buy certain corporate loans from Royal Bank of Scotland N V India Branches (RBS India). In this regard, a portfolio sale framework agreement was entered into by the two entities in March this year.
FY16 saw a good indirect tax collection overall, where the excise duties rose 70 percent due to sharp hike in fuel prices, and customs duties by 22 percent due to rise in price of commodities like steel, coal and gold, says Radhika Rao, Economist at DBS Bank.
Core sector is only about 38 percent of the weight of items included in the IIP, which also has other volatile sectors like capital goods in its ambit, points out Radhika Rao, economist at DBS Bank.
"As you go forward, the rest of the banking system is still likely to be capital-constrained for some more time and that should provide us competitive edge in the short-term to build a business," DBS Group Chief Executive Piyush Gupta told PTI.
Construction and engineering major Gammon India today said one of its lenders, DBS Bank, has asked the firm to convert the outstanding loan and interest into equity shares.
"Markets are never wrong but they continue to change their minds about what the Fed will do this year," DBS Bank said in a note Wednesday, ahead of the Federal Reserve decision due later in the global day.
Analysts say Raghuram Rajan, Governor of the Reserve Bank of India, could soften monetary stance after Finance Minister Arun Jaitley stuck to a fiscal deficit target of 3.5 percent of GDP for next fiscal year in his third Budget last month.
Arvind Narayanan, DBS Bank expects rupee to continue weaken gradually unless China further devalues yuan. If that happens the weakness could be sharp, he says.
Currency valuations and the authorities' active presence to contain rupee volatility likely influenced the pace of reserve accumulation, DBS Bank said in its today's report on Asian economies.
Expect Rs 66.30/USD to be the floor in the near term and the rupee could test Rs 66.90/USD on the upside, says ï»¿Arvind Narayanan, DBS Bank.
Arvind Narayanan, Head Of Sales, Treasury & Markets, DBS Bank expects further weakening in rupee in the short-term, but says the currency could stabilise by February or March.
The government had forecast full-year Gross Domestic Product (GDP) growth of "close to 2 percent", while private sector economists had expected growth to come in at 1.9 percent, according to the latest quarterly poll by the Monetary Authority of Singapore last month.
The Reserve Bank of India (RBI) is seeking to prevent wild swings in bond markets by agreeing to pay higher interest rates to investors at bond auctions, people with knowledge of the central bank's operations say, while also buying bonds in the open market to stop yields rising too much.
3i Infotech has allotted 1,69,70,618 equity shares at a conversion price of Rs 19.74 on a preferential basis to DBS Bank.