SBI Cards & Payment Services (SBI Card), the country’s largest pure-play credit card issuer, has appointed Abhijit Chakravorty as MD & CEO. 

Chakravorty, who is presently a Deputy Managing Director at SBI, will assume charge of his new role on August 12, SBI Card said in a filing with stock exchanges. 

He has been appointed as SBI Card’s MD&CEO for two years. 

Incumbent MD & CEO Rama Mohan Rao Amara has tendered his resignation owing to his transfer to SBI. Amara will demit office on August 11.

Amara was appointed as MD & CEO of SBI Card in January 2021. 

Rich experience

Chakravorty will assume his new role at a time when the Indian credit card industry is showing robust growth both in terms of volumes and card spends. 

Chakravorty, who started his banking career as a Probationary Officer with SBI in 1988, has gained over 34 years of rich experience in Retail and Corporate Banking, Overseas Operations and IT verticals of the bank. 

He also served at the Hongkong branch of the Bank. He had a long tenure in Commercial Credit Group and was involved in high value Corporate Lending. 

Chakravorty managed the Bangladesh Operations of SBI as CEO and Country Head. 

In his previous assignment as Chief General Manager (Channels & Operations) at the Global IT Centre of the Bank, Chakravorty was leading the vertical responsible for IT operations of the customer-facing channels and payment systems. 

He is a post graduate in Applied Chemistry and is a Certified Associate of the Indian Institute of Bankers (CAIIB). 

For the entire fiscal 2022-23, SBI Card reported a 40 per cent increase in net profit at ₹2,258 crore (₹1,616 crore). Total income grew 26 per cent in 2022-23 to ₹14,286 crore (₹11,302 crore.)

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