SBI Cards & Payment Services (SBI Card), India’s largest pure-play credit card issuer, has appointed Abhijit Chakravorty as its new Managing Director and Chief Executive Officer (MD & CEO). The announcement was made through a filing with the stock exchanges, stating that Chakravorty, currently serving as a Deputy Managing Director at SBI, will assume his new role on August 12. His tenure as MD & CEO of SBI Card is set for two years.
The decision follows the resignation of the incumbent MD & CEO, Rama Mohan Rao Amara, who will be transferred to SBI. Amara’s resignation will take effect on August 11, making way for Chakravorty to assume leadership at SBI Card.
Chakravorty’s appointment comes at a significant time for the Indian credit card industry, which is experiencing robust growth in terms of card volumes and spending. With over 34 years of diverse experience in retail and corporate banking, overseas operations, and IT within SBI, Chakravorty brings a wealth of knowledge and expertise to his new role. Throughout his career, he has held various positions, including CEO and Country Head of SBI’s Bangladesh Operations, Chief General Manager overseeing channels and operations at the Global IT Centre, and extensive involvement in high-value corporate lending.
Having started his banking journey as a Probationary Officer with SBI in 1988, Chakravorty has demonstrated his capabilities in different facets of the banking sector. He also served at SBI’s Hong Kong branch and holds a postgraduate degree in Applied Chemistry. Additionally, he is a Certified Associate of the Indian Institute of Bankers (CAIIB).
SBI Card, headquartered in Gurugram, Haryana, has been at the forefront of the credit card industry since its establishment in October 1998. With Chakravorty’s leadership, the company aims to continue its growth trajectory and strengthen its position in the dynamic Indian market.