Zarin Daruwala

About

Zarin Daruwala took over the reins of Standard Chartered Bank India in April 2016 after the bank had suffered massive losses in the country and had high gross non-performing assets. In 2023, Standard Chartered India was the third-highest operating income earner in the Standard Chartered Group. Zarin revived the business by de-risking assets, rethinking products and driving retail liquidity, current accounts and high-quality assets. Standard Chartered Bank India was also the most profitable foreign bank in the country with profit after tax of ₹4,621 crore. Zarin Daruwala led the two largest transactions in the Indian private credit space for Shapoorji Pallonji ($1.7 billion) and Vedanta Group ($1.25 billion). Standard Chartered has become the largest global bank in India in trade finance, with onshore assets and contingents of $10 billion-plus and 1.1 million transactions per year. The bank also has the largest share in products such as Letters of Credit advising (13%-plus). In order to push digitisation, Zarin introduced open banking by sharing the bank’s APIs (application programming interface) with developers, corporates and fintechs to co-create digital experiences. India contributes about 75%-plus to the group’s API volumes.