SBI Card CEO Hardayal Prasad Resigns, Ashwini Kumar Tewari To Take Over From August

Shares of the SBI Cards and Payments Services on the BSE are trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close.

Hardayal Prasad. Source: twitter/@SBICard_Connect

Mumbai, July 16: In a major development in the payment services industry, SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post due to voluntary retirement and Ashwini Kumar Tewari will replace his position as new MD and CEO. This was revealed in a regulatory filing on Thursday after SBI Cards mentioned Prasad's resignation will come into effect from July 31. Meanwhile, Ashwini Kumar Tewari who has been nominated for the top position will take over as the new MD and CEO of the company with effect from August 1, 2020 for a period of two years. The board has approved the "appointment of Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years. The move is subject to all the requisite approvals including the approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company, the filing said. Shares of the company on the BSE are currently trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close. In the fourth quarter, SBI Cards reported a 66.4 per cent decline in net profit to Rs 83.54 crore in Q4 March 2020 (Q4 FY20) compared with net profit of Rs 248.73 crore in Q4 March 2019 (Q4 FY19). Total income rose 20.9 per cent to Rs 2,510.39 crore in Q4 FY20 as against Rs 2,076.25 crore in Q4 FY19. The company offers extensive credit card portfolio to individual cardholders and corporate clients from lifestyle, rewards, travel and fuel. It has partnered with banks besides offering corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. State Bank of India owns 69.51 per cent stake in the company. WATCH | As the world economy slumps, Jio prospers amid Covid-19