SBI Cards and Payment Services Ltd (SBI Card) on Saturday appointed Rama Mohan Rao Amara as its Managing Director and Chief Executive Officer for a period of two years.
Rao took charge as the MD and CEO of the company on Saturday. Earlier this week, Ashwini Kumar Tewari had resigned from the post of MD and CEO of SBI Card owing to his appointment as the Managing Director of State Bank of India (SBI).
Rao is a veteran banker, with a successful career spanning over 29 years at SBI, the credit card company said in a release. Prior to taking charge at SBI Card, he was the Chief General Manager, SBI Bhopal Circle.
Tewari said Rao has exhibited reliable and proficient leadership, while managing key assignments across India and abroad. His vision and strategic approach would be a key enabler to lead the rapidly growing credit card business.
"With a renewed focus towards cashless and digital payments, the country is firmly on the path to becoming a digital economy. 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," Rao said, adding that he looks forward to leading the organisation to newer heights.
On Friday, shares of SBI Card closed 1.67 per cent lower at Rs 985.45 on the BSE.