Rajat Verma Appointed CEO of DBS Bank India
Rajat Verma, the current head of the Institutional Banking Group at DBS Bank India, has been appointed as the new CEO of DBS Bank India, effective March 1, 2025. This announcement comes after the retirement of Surojit Shome, who has been at the helm since 2015. Verma’s appointment, subject to Reserve Bank of India (RBI) approval, marks a new phase for DBS India as it continues its growth trajectory in India, one of the bank’s key markets. Verma, with over 27 years of banking experience, joins after significant contributions to DBS’ India operations, including leading substantial growth in the institutional banking sector.
Surojit Shome’s Legacy: Shome, who retires in February 2025, has led DBS India through several transformative phases, including the launch of digibank, India’s first mobile-only bank in 2016. His tenure saw the expansion of DBS India to over 350 locations and a strong presence in 19 states, making it one of the top banks in India.
Rajat Verma’s Appointment: Verma, who joined DBS India in June 2023, is credited with driving growth in the bank’s institutional banking business. Under his leadership, DBS India won the title of “Best Bank for Sustainable Finance – India” by Global Finance in 2024.
A Rich Career: Before joining DBS, Verma spent 26 years at HSBC India, where he led commercial banking operations. His extensive experience in both consumer and corporate banking positions him well to take DBS India to new heights.
Future Plans: DBS Group CEO Piyush Gupta expressed confidence that Verma will build on the foundation laid by Shome, continuing to leverage DBS’ robust platform and participate in India’s growth story.
Expanding Presence: DBS India is one of the core markets for DBS Group, with over 350 locations across India. The bank plans to allocate significant capital (S$300 million to S$500 million) to its India operations over the next three to four years.
Sustainability Focus: Verma’s leadership has emphasized sustainable finance, with DBS India being recognized for its contributions in this area.
| Why in News | Key Points |
|---|---|
| Rajat Verma appointed CEO of DBS Bank India | – Rajat Verma to succeed Surojit Shome as CEO of DBS Bank India, effective from March 1, 2025. – Verma is currently the Head of Institutional Banking at DBS Bank India. – Surojit Shome retires in February 2025 after leading DBS India since 2015. – Verma has 27 years of banking experience, previously at HSBC India. – DBS India is one of the key markets for DBS Group with over 350 locations. |
| RBI Approval | – Verma’s appointment is subject to approval by the Reserve Bank of India (RBI). |
| Key Leadership Changes at DBS | – Surojit Shome’s leadership saw the launch of digibank in 2016 and expansion of DBS India. – Under Shome, DBS India expanded to over 350 locations and was ranked among the top three on Forbes’ list of the World’s Best Banks in India (2020-2022). |
| India’s Contribution to DBS Growth | – India is a core market for DBS, alongside China, Hong Kong, Indonesia, Singapore, and Taiwan. – DBS Group CEO Piyush Gupta committed capital investment of S$300 million to S$500 million into India operations in the next 3-4 years. |
| Awards and Recognition | – Under Verma, DBS India was recognized as “Best Bank for Sustainable Finance – India” by Global Finance in 2024. |
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