State Bank of India (SBI), the parent company of SBI Card, announced the appointment of Abhijit Chakravorty as managing director and CEO. Rama Mohan Rao Amara, who would no longer serve as MD as of August 11, will be replaced by him. In a regulatory filing, SBI Card stated that Chakravorty's appointment would take effect on August 12 and last for two years. Chakravorty began his banking career with SBI as a probationary officer in 1988 and is currently the bank's deputy managing director.
And SBI Cards and Payment Services Ltd, a pure-play credit card issuer, announced that Rama Mohan Rao Amara will leave his position as the CEO and Managing Director of the business on August 11, 2023. On the same day, he will also step down as a company director. Rao's transfer back to the State Bank of India was the reason for his resignation, the business claimed in an exchange filing.
In India, SBI Cards & Payment Services Ltd., formerly SBI Cards & Payment Services Private Limited, is a credit card provider. In October 1998, State Bank of India and GE Capital introduced the SBI Card. State Bank of India and The Carlyle Group bought stock in the company in December 2017. Gurugram, Haryana/Delhi NCR, serves as the headquarters for SBI Card. In India, this business is the sole publicly traded pure-play credit card issuer.