DBS Bank has named Rajat Verma as the new Chief Executive Officer (CEO) of DBS Bank India, effective on 1March 2025, subject to regulatory approval from the Reserve Bank of India (RBI).
Rajat Verma will take over as CEO of DBS Bank India on 1 March 2025, succeeding Surojit Shome.
Under Surojit Shome's leadership, DBS India launched Digibank and expanded significantly through acquisitions.
Rajat Verma brings 27 years of experience and has helped grow DBS India's institutional banking business since joining in 2023.
Verma, who is currently the head of the Institutional Banking Group (IBG) at DBS Bank India, will succeed Surojit Shome, who will retire on 28 February 2025. Verma’s appointment marks a significant milestone in the bank's leadership transition.
Leadership change and growth under Shome
Surojit Shome has led DBS Bank India since 2015. Under his tenure, significant transformations have shaped the bank's image in India. The notable highlights during Shome's tenure are the launch of Digibank in 2016, which is India's first mobile-only banking service, and the acquisition of Lakshmi Vilas Bank in 2020, which was highly successful. Under his leadership, DBS India spread its presence to over 350 locations in 19 states and emerged as one of the most prominent players in the Indian banking sector.
Shome's visionary strategy helped to make DBS India a multi-product platform that services needs across institutional banking, wealth management and retail banking. More importantly, in 2019, he orchestrated the subsidiarisation of DBS India, strengthening its operations in the country.
Rajat Verma’s vision for DBS India
Rajat Verma brings 27 years of experience in consumer and corporate banking to his new role. He has experience in transactional banking, sustainable finance, SME banking, and branch banking. Since joining DBS in June 2023 as the head of the Institutional Banking Group (IBG), he has contributed to significant growth in the bank's institutional banking business. At DBS India, he expanded customer relationships and new business opportunities, putting him squarely on the road to becoming a solid leader for the organisation.
Prior to DBS, Verma worked as Managing Director and Country Head of Commercial Banking at HSBC India. He had grown the business across a wide range of sectors there.
Paving the way for future growth
DBS Group CEO, Piyush Gupta, has expressed confidence in Verma’s leadership, noting the significant strides DBS India has made under Shome’s tenure. Gupta has emphasised that Verma, with his extensive experience and leadership skills, would build on the bank’s strong foundation and further accelerate its growth in India.
As Verma takes over as CEO, DBS Bank India is set to continue its mission of leveraging digital banking solutions and expanding its services across the Indian market.