Singapore-based DBS Bank has appointed Rajat Verma as the new CEO of DBS Bank India, effective from March 1, 2025.
Rajat will succeed Surojit Shome, who will retire on February 28, 2025.
This appointment comes after the Reserve Bank of India approved Rajat’s nomination for the role.
Rajat Verma brings over 27 years of experience in consumer and corporate banking, including transactional banking, financial institutions, sustainable finance, micro and SME banking, and branch banking.
Leadership and Vision for DBS Bank India
In his new role, Rajat will be part of DBS’s Group Management Committee and will continue to lead the Institutional Banking Group (IBG) at DBS Bank India.
DBS CEO Piyush Gupta expressed confidence in Verma’s ability to build on the achievements of his predecessor and take the business to the next level.
Piyush highlighted that India has been a key market for DBS over the last 30 years and praised Shome’s leadership in growing DBS India into a full-service platform across institutional banking, wealth, and retail segments.
Before joining DBS, Rajat was the Managing Director and Country Head of Commercial Banking at HSBC India.
Since joining DBS in June 2023, he has significantly grown the business across all client segments by deepening existing corporate relationships, accelerating the acquisition of new customers, and identifying new opportunities across a broad spectrum of growth areas.
Legacy of Surojit Shome
Surojit Shome, who has been CEO of DBS Bank India since 2015, has overseen significant expansion in the Indian franchise, including the launch of digibank, India’s first mobile-only bank in 2016.
Surojit also led the subsidiarization of DBS in India in 2019 and the amalgamation of Lakshmi Vilas Bank in November 2020.
Piyush thanked Shome for his strong vision and unwavering commitment to excellence in growing DBS India into the strong franchise it is today.
DBS Group CEO Piyush Gupta announced at the annual general meeting in March 2024 that the group would allocate Singapore Dollars 300-550 million (around $368.54 million) capital towards India operations over the next three-to-four years.
This investment reflects DBS’s commitment to participating in India’s growth story and expanding its presence in the country.
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