SBI Cards and Payment Services Ltd (SBI Card) appointed Rama Mohan Rao Amara on Saturday as Managing Director and Managing Director for a period of two years.

Rao took over as the company’s chief executive and CEO on Saturday. Earlier this week, Ashwini Kumar Tewari had resigned as managing director and CEO of SBI Card due to his appointment as managing director of the State Bank of India (SBI).

Rao is a seasoned banker, with a successful career spanning more than 29 years at SBI, the credit card company said in a statement. Prior to taking over the management of SBI Card, he was Chief Executive Officer, SBI Bhopal Circle.

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Tewari said Rao has shown reliable and capable leadership, while managing key missions in India and abroad. His vision and strategic approach would be a key catalyst in leading the rapidly growing credit card industry.

“With a renewed focus on cashless and digital payments, the country is firmly on the path to becoming a digital economy. In addition, the Indian credit card market continues to have significant growth potential due to its changing demographics. favorable markets and its extremely low credit card penetration rate, ”said Rao, adding that he was eager to take the organization to new heights.

On Friday, shares of SBI Card closed down 1.67% at Rs 985.45 on BSE.

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