SBI Cards MD & CEO Rama Mohan Amara to step down with effect from August 11

11 Jul 2023 , 01:31 PM

According to a regulatory filing on July 10, SBI Cards’ Managing Director and CEO Rama Mohan Amara has tendered his resignation to the company with effect from August 11.

“Amara has resigned from the company’s directorship effective from close of business hours on August 11, 2023, as he will be transferred back to the State Bank of India. Therefore, he will cease to be the MD and CEO of the company from the said date,” stated the company in an exchange filing.

Amara was appointed to SBI Card in January 2021. Abhijit Chakravorty, current deputy managing director at the SBI, will take charge of Amara’s position.

However, the appointment of new MD will be subject to the shareholders’ approval at the ensuing Annual General Meeting, said the company.

Chakravorty, who has worked in the banking industry for over three decades, kick started his career as a probationary officer with SBI in 1988. He holds ‘experience in retail and corporate banking, overseas operations, and the bank’s IT vertical,’ according to his profile, which was attached to the regulatory filing.

Chakravorty worked for SBI’s Commercial Credit Group for a long time, managing the bank’s operations in Bangladesh and serving as the bank’s chief general manager (channels & operations), according to the statement.

At around 1.26 PM, SBI Cards and Payment was trading 0.46% higher at Rs 839.70, against the previous close of Rs 835.85 on NSE.

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