DBS Bank India announced the appointment of Rajat Verma as managing director and head of institutional banking on Monday.

Rajat, who formerly worked for HSBC as the MD and Country Head of Commercial Banking in India, will take over as head of institutional banking from Niraj Mittal. Mittal will take on a new role as DBS Bank's country head in Australia.

Rajat will oversee the expansion of DBS Bank's institutional banking business in India, given the lender's greatly enlarged base. Rajat's appointment, according to DBS Bank India, reinforces the bank's leadership team and commitment to growing its institutional banking business.

Surojit Shome, Managing Director and CEO of DBS Bank India, commented on Verma's new post, saying, "He (Rajat Verma) is a seasoned banker with a proven track record of delivering value to institutional clients across diverse sectors and markets." His appointment reaffirms our commitment to expanding our operations in India."

The bank intends to strengthen its digitisation and provide better value to its customers under Rajat's leadership, he added.

DBS is one of India's largest international banks.

Meanwhile, with Mittal's appointment, Singapore's largest bank is attempting to grow DBS's business in Australia. The former India's head of institutional banking will also work to strengthen ties with South-East Asia and South Asia.