The SBI-promoted card issuance company SBI Cards and Payment Services Ltd (SBI Card) on Wednesday said Abhijit Chakravorty has taken charge as the company's new managing director and chief executive officer, effective August 12, 2023.

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He has taken over from Rama Mohan Rao Amara, who is returning to the bank after successfully leading SBI Cards for over two and a half years.

Chakravorty is a deputy managing director with the State Bank of India. With an experience of 34 years in the banking sector, he has worked in various divisions of the bank including retail and corporate banking, overseas operations, and IT infrastructure.

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Commenting on the development, Dinesh Kumar Khara, chairman of State Bank of India, said, "We are delighted to welcome Abhijit Chakravorty as the new MD and CEO of SBI Card. He has a rich and diverse experience as a banker and has a strong track record in various strategic and leadership positions that he has held over the years with SBI."

Chakravorty said, "The credit card industry continues to offer immense growth opportunities and I look forward to working closely with my colleagues at SBI Card to take advantage of this vast potential, with a sharp focus on achieving sustainable and profitable growth."

Prior to joining SBI Card, Chakravorty was leading the IT operations of the customer-facing channels and payment systems as chief general manager (Channels & Operations) at the global IT centre of SBI.

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One of his previous assignments with the bank included a long stint with the Commercial Credit Group of SBI, where he was involved in high-value corporate lending. Chakravorty has led the operations of SBI in Bangladesh as CEO and Country Head. He has also served at SBI’s Hongkong branch.

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

Shares of SBI Cards and Payment Services Ltd ended at Rs 850.00, down by Rs 4.75, or 0.56 percent on the BSE.