Rama Mohan Rao Amara, the MD & CEO of SBI Cards, has resigned from his post effective August 11, following his transfer back to State Bank of India (SBI). Abhijit Chakravorty will take over as the new chief of the credit cards company, SBI Cards informed the exchanges on Monday.
In his resignation letter, Rao Amara said he was resigning on account of his transfer back to SBI and that he would no longer hold the position of nominee director of the company from August 11.
Chakravorty, currently deputy MD at SBI, has 34 years of experience working in the retail and corporate banking operations, and in the overseas and IT verticals at SBI.
During his stint at SBI, Chakravorty served at the Hong Kong branch of the bank and was involved in high value corporate lending. He also managed SBI’s operations in Bangladesh, where he served as country head and CEO.
The leadership change comes amid reports of SBI wanting to boost its subsidiaries’ leadership to compete with the newly merged HDFC Bank.
Earlier this month, Bloomberg reported that Rajay Sinha, chief general manager in charge of global markets at SBI, will become MD and CEO at SBI’s brokerage arm SBI Capital Markets. Sinha replaces Amitava Chatterjee, who will return to the bank to oversee its vertical catering to corporate clients. Chatterjee will be SBI’s deputy MD in his new role, the report said.