DBS Bank names Rajat Verma as new India CEO

Two prominent foreign banks operating in India are set to witness significant leadership transitions in 2025. Singapore-based DBS Bank and British multinational Standard Chartered have both announced changes at the helm.

DBS Bank India has confirmed that Rajat Verma will take over as its Chief Executive Officer (CEO) from March 1, 2025, following regulatory approval from the Reserve Bank of India (RBI). Verma, currently serving as Head of the Institutional Banking Group (IBG) at DBS India, will succeed Surojit Shome, who retires on February 28, 2025, after leading the bank for nearly a decade. Meanwhile, Standard Chartered had earlier announced that its long-serving India and South Asia CEO, Zarin Daruwala, will retire on April 1, 2025. According to a wire agency report, pending RBI approval, Daruwala is set to be succeeded by PD Singh, the former head of JPMorgan India, marking a significant leadership shift at the Asia-focused lender.

Under Shome’s leadership, DBS has transformed into a full-service platform, spearheading milestones like the launch of digibank, India’s first mobile-only bank, in 2016, the subsidiarisation of DBS in India in 2019, and the amalgamation of Lakshmi Vilas Bank in 2020. DBS has grown its presence to over 350 locations across 19 states, earning consistent recognition as one of India’s top-performing banks. Shome’s tenure also coincided with a period of rapid innovation and expansion, making DBS India a core part of the group’s global strategy.

Verma, who joined DBS in June 2023, has already made a significant impact as the Head of IBG. With 27 years of experience across consumer and corporate banking, Verma has deepened existing corporate relationships, accelerated customer acquisition, and driven sustainable finance initiatives. His leadership also earned DBS the title of Best Bank for Sustainable Finance – India by Global Finance in 2024. DBS Group CEO Piyush Gupta expressed confidence in Verma’s ability to build on Shome’s legacy, stating that the bank is well-positioned to continue participating in India’s growth story.

At Standard Chartered, Daruwala has led the bank since 2016, making India one of its largest and most profitable markets. Her strategic focus on cross-border solutions in Corporate & Investment Banking (CIB) and wealth management and Retail Banking (WRB) has strengthened the bank’s standing in the region. Known for fostering a strong risk and compliance culture, Daruwala’s leadership has been instrumental in shaping Standard Chartered’s India operations. PD Singh, her likely successor, brings extensive experience from his previous role as CEO of JPMorgan India, positioning him as a strong candidate to continue building on Daruwala’s achievements.

The simultaneous transitions at DBS and Standard Chartered highlight the growing strategic importance of India for global banks. Both institutions have leveraged India’s economic growth to expand their operations, catering to a diverse client base comprising largely corporate, and institutional segments.