Zarin Daruwala, 

The move to Stanchart's India operations from ICICI represents a huge career step. It was an interesting move as she left a large bank that was doing well to head a smaller one in the financial mire. Last year as the president of wholesale banking at ICICI, Daruwala spent a lot of time working with defaulters to hive off assets so they could pay back loans. One such deal—Essar’s sale of its key oil assets to Rosneft for $13 billion—will significantly ease NPAs, not just for ICICI but also for Stanchart's India business, which Daruwala now heads. Her appointment could be a game changer for India’s oldest foreign bank, which has been a drag on the parent’s balance sheet. Daruwala’s deep relationships within the industry will be crucial. It explains why Stanchart preferred her to an insider, who traditionally swing the gig. Her appointment is an endorsement of her abilities. Daruwala's big challenge, however, is building the retail banking portfolio. She’s armed with decades worth of project finance and corporate lending experience, learning the ropes under ICICI stalwarts such as K.V. Kamath and Narayanan Vaghul, but she has never worked on the retail side. Her job is made tougher by tight regulations on foreign banks that limit their room to build retail portfolios. For now, Daruwala is focussed on recovering bad loans, and negotiating with promoters, rather than chasing growth.