DBS Group has announced the appointment of Rajat Verma as the new Chief Executive Officer (CEO) of DBS Bank India, effective March 1, 2024. Verma will take over from Surojit Shome, who is set to retire at the end of February, as the bank’s leadership transitions.
This appointment follows reports from Reuters in November, which noted that Verma had been nominated, contingent on approval from the Reserve Bank of India (RBI) — a requisite for all bank CEO appointments. With the necessary regulatory clearance now secured, DBS confirmed the move in an official statement.
Verma, who currently serves as the Head of the Institutional Banking Group at DBS Bank India, has had a distinguished career within the organisation. In his new role, he will also join DBS’ Group Management Committee, further reinforcing his key role in the bank’s strategic direction.
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DBS, Southeast Asia’s largest bank, has long viewed India as one of its core markets, with a presence across more than 350 locations. Alongside India, the bank’s regional footprint extends to China, Hong Kong, Indonesia, Singapore, and Taiwan.
In March, DBS Group CEO Piyush Gupta shared the bank’s commitment to India, revealing plans to inject between S$300 million and S$500 million (approximately US$368.54 million) into its operations in the country over the next three to four years.
Prior to joining DBS, Rajat Verma amassed over 26 years of experience at HSBC, where he held the position of Head of Commercial Banking in India, according to his LinkedIn profile.
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