SBI Card, the country’s largest pure play credit card issuer, has a new Managing Director and CEO in Rama Mohan Rao Amara. He has been part of State Bank of India Group for almost three decades now and has handled several key assignments both in India and abroad.
Amara has come in the place of Ashwini Kumar Tewari, who was recently appointed as Managing Director of SBI. SBI Card board approved Amara’s appointment for two years at a meeting on Saturday.
Prior to this appointment, Amara, who started his banking career with SBI in 1991 as a probationary officer, was the Chief General Manager of SBI Bhopal circle. He had earlier served as the Chief General Manager, Financial Control at SBI Corporate Centre in Mumbai.
Commenting on the appointment, Ashwini Kumar Tewari, Managing Director, SBI, expressed confidence that Amara’s vision and strategic approach would be a key enabler to lead the rapidly growing credit card business. “We are confident that he will be able to further strengthen the SBI Card’s position and, thereby, increase value for all stakeholders”.
Amara, who holds a bachelor’s degree in engineering, said that it is an exciting time to join SBI Card as the Indian economy is slowly but surely coming out of the grip of the pandemic. With a renewed focus towards cashless and digital payments, the country is firmly on the path to becoming a digital economy, he said.
Moreover, the Indian credit card market continues to present significant growth potential due to its favourable demographic changes and extremely low credit card penetration rate, he added.