Mumbai: The Reserve Bank of India (RBI) has approved the appointment of Rajat Verma as the new Chief Executive Officer of DBS Bank India. Verma will take over from Surojit Shome, who has led the bank since April 2015.
Leadership Transition at DBS Bank India
Rajat Verma, currently the Head of the Institutional Banking Group (IBG) at DBS Bank India, will assume the top position. Verma joined DBS in June 2023 and has played a pivotal role in driving growth across various client segments, including corporate and institutional banking.
With 27 years of experience in consumer and corporate banking, Verma has expertise in areas such as transaction banking, sustainable finance, SME banking, and branch banking. His appointment signals a leadership shift as DBS Bank India prepares to further its expansion and operational goals under new leadership.
DBS Bank’s India Presence and Strategic Shifts
DBS Bank has been operating in India for three decades, with its first office established in Mumbai in 1994. In recent developments, DBS Bank India ended its co-branded credit card partnership with Bajaj Finance Ltd earlier this month. The partnership had facilitated the issuance of 5 lakh co-branded credit cards.
The bank clarified that existing customers of the Bajaj Finserv DBS Bank SuperCard will continue to access benefits without any disruptions, but no new cards will be issued under the partnership. This move coincides with a similar decision by RBL Bank to terminate its co-branded partnership with Bajaj Finserv Ltd.
Under Verma’s leadership, DBS Bank India will likely focus on consolidating its banking services while addressing evolving market dynamics. His extensive experience in banking and finance positions him to steer the bank through this transitional phase.
The RBI’s approval of this leadership change marks a significant step for DBS Bank as it continues to strengthen its foothold in India’s competitive banking sector.
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