Abhijit Chakravorty takes over as new MD & CEO of SBI Card

The SBI card in a press release on 16 August 2023 has said that Abhijit Chakravorty has taken charge as the new Managing Director(MD) and Chief Executive Officer (CEO) of SBI Card effective from August 12, 2023.  Abhijit Chakravorthy replaces Rama Mohan Rao Amara.

Abhijit Chakravorthy has an experience of 34 years in the banking sector and has worked with various divisions of the bank that include retail and corporate banking, overseas operations and IT infrastructure.

Credit cards are a type of unsecured loan provided by the banks to its account holder as well as non account holders for purchasing goods and services . It provides a time period within which if the customer repay the amount then the customer will not have to pay interest  to the bank .

Who can issue Credit cards in India ?

According to the Reserve Bank of India (RBI) following banks and financial institutions can issue credit cards in India .

• Scheduled Commercial Banks (SCBs) other than Regional Rural Banks with net worth of Rs 100 crore and above can  issue credit cards in India.

• Scheduled Commercial Banks include Public Sector Banks, Private Banks, Foreign Banks, Small Finance Banks, Payment Banks.

• Regional Rural Banks can issue credit cards in collaboration with their sponsor bank or other banks.

• Financially sound and well managed Scheduled Urban Cooperative Banks with minimum net worth of Rs 100 crore and  which are CBS enabled can  issue Credit Cards with the prior permission of the RBI.

• Eligible Non Banking Financial Company (NBFC) with a minimum net owned fund of Rs 100 crore can issue credit cards with the prior permission of the RBI.

SBI Cards 

SBI card was set up  in 1998 by the State Bank of India(SBI) and GE Capital.

In December 2017, State Bank of India and Carlyle Group acquired GE Capital`s stake in SBI Card..

SBI holds around 69% share in the SBI Cards and Payments Services Limited which is the owner of SBI Cards.

It is the second largest credit card issuer in the country after HDFC Bank.

Chairman of SBI Card : Dinesh Khara

Headquarters: Gurugram, Haryana