SBI Card appoints Abhijit Chakravorty as CEO as Rama Mohan Amara resigns; shares rise

SBI Card Managing Director and CEO Rama Mohan Rao Amara resigned with effect from August 11. Abhijit Chakravorty will replace Amara as Managing Director and CEO, with effect from the next day.

Credit card issuer SBI Card is a subsidiary of State Bank of India. | Image: Pexels

State Bank of India (SBI) and SBI Card shares registered mixed moves in early deals on Tuesday, a day after the card issuer said its Managing Director and CEO Rama Mohan Rao Amara resigned, with effect from August 11. Abhijit Chakravorty will replace Amara as Managing Director and CEO, with effect from August 12, according to a regulatory filing.

SBI Card shares gained by as much as Rs 14.5 or 1.7 per cent to Rs 850 apiece on BSE while State Bank of India shares inched lower. The stock of state-run lender SBI declined by Rs 3.7 or 0.6 per cent at the weakest level of the day so far to Rs 588.8 apiece on the bourse.

Amara was nominated for the position by SBI Card parent State Bank of India. He will be transfered back to SBI, ceasing to be the MD and CEO of SBI Card, according to the filing. Amara was appointed CEO of SBI Card in January 2021.

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The appointment of Chakravorty will be for a period of two years, subject to approval of shareholders at its ensuing annual general meeting (AGM) among necessary clearances.

Who is Abhijit Chakravorty, the new CEO of SBI Card?

Currently serving as Deputy Managing Director at SBI, Chakravorty began his banking career in 1988 as a Probationary Officer with SBI. He has gained more than 34 years of rich experience in retail and corporate banking, overseas operations and the IT vertical of SBI.

Chakravorty has served at the Hong Kong branch of SBI, and has had a long tenure in the lender's Commercial Credit Group. He managed the Bangladesh operations of SBI as CEO and Country Head.

In his previous assignment, as Chief General Manager (channels and operations) at SBI's Global IT Centre, Chakravorty was leading the vertical responsible for IT operations of the customer facing channels and payment systems.

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

(With inputs from agencies)

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