Zarin Daruwala: She Never Gives Up

The chief executive officer (CEO) of Standard Chartered Bank (SCB) India is a woman who had a rank in her chartered accountancy examination and had received a gold medal when she qualified as a company secretary. Before joining the Standard Chartered Bank, Zarin Daruwala worked with the ICICI Group, where she had stints in various departments such as human resources, corporate planning, investment banking and credit.  She has held leadership positions in various fields, including corporate finance and agri-business.

When Daruwala took charge as CEO of Standard Chartered Bank India in 2016, the bank’s retail banking (RB) business seemed to be in rough waters. Daruwala decided that the business required a course correction and continued investments in technology. She personally spearheaded the   transformation strategy and by the first half of 2019, the bank’s retail banking business was back in profits. 

In 2018 Standard Chartered Bank India launched its retail digital banking initiative. Since then, nearly 90 per cent of all savings accounts in the bank have been opened through a digital interface, making the bank’s digital penetration 12 per cent higher than the Indian average, according to the 2018 report of Finalta-McKinsey. The Institute of Chartered Accountants of India has conferred on her the CA Business Achiever award.

Daruwala’s management style has been feedback driven. She has always given instant feedback to her colleagues and believes in the effectiveness of being candid with the team. She is known to be willing to always unlearn and relearn.  Daruwala says, “As a leader, I feel it is important to have a couple of attributes. One is all about building a team which shares your vision while the other revolves around the never-say-die attitude.”

“A team needs to have the right kind of people to fit in your culture and who share your values. It is also critical to be receptive to new ideas and suggestions as it is always good to get fresh perspectives on old ways of working,” she goes on to say.  Daruwala is known to have extensive knowledge of various sectors of the Indian economy. 

Sharing her mantra for life she says, “I believe in never giving up. This mantra has helped me overcome any challenge in front of me and kept me focussed on the job at hand, be it studies, career, or now as CEO of a MNC bank in India. I always like to challenge the status quo and appreciate people who come with solutions rather than those who say ‘it can’t be done’.” 

Sharing her mantra for life she says, “I believe in never giving up. This mantra has helped me overcome any challenge in front of me and kept me focussed on the job at hand, be it studies (or) career .