Mastercard announced the appointment of Rajnish Kumar, former Chairman of the State Bank of India (SBI), as the Chairman of Mastercard India on Thursday. In this critical, non-executive advisory role, Kumar will provide guidance to Mastercard’s South Asia executive leadership team, which is headed by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India, as they navigate the dynamic landscape of domestic payments.
“Mastercard is most pleased to welcome Mr. Rajnish Kumar – one of India’s most distinguished banking industry veterans – as our India Chairman. Under Mr. Kumar’s invaluable stewardship, Mastercard will seek to further digital payments adoption and acceptance in the market and continue to actively support the government’s Digital India vision in innovative and impactful ways. Mr. Kumar will be keenly involved in augmenting the local leadership team in its efforts to expand our domestic footprint, while bolstering Mastercard’s ongoing commitment to forging strategic partnerships with stakeholders across the payments ecosystem – from banks to fintechs to governments, non-profits and more,” said Ari Sarker, president, Asia Pacific, Mastercard.
“I am keenly looking forward to sharing my knowledge, experience, and expertise with Mastercard as the company becomes an even more deeply embedded player and strategic partner to organizations across the public and private sectors in India. With its relentless focus on partnering for progress and driving prosperity through inclusive growth, Mastercard has the technologies, capabilities, resources, and heart to contribute greatly to India’s vibrant payments technology landscape. It is my honor to share Mastercard’s story and its enthusiasm for collaboration with local partners with an even bigger audience in India,” said Rajnish Kumar, chairman, Mastercard India.
Kumar, a distinguished career banker with nearly forty years of renowned service at SBI, has occupied various significant leadership positions within SBI and its affiliated entities. These roles have entrusted him with overseeing crucial operations both within India and abroad, including in the United Kingdom and Canada. Kumar was at the forefront of embracing technology in the Indian banking sector and played a pivotal role in leading the development of SBI’s digital platform, YONO. Additionally, he completed his tenure as SBI Chairman in October 2020.
He is well-known for his proficiency in corporate credit and project finance, and serves as a director on the boards of numerous esteemed institutions and corporations such as HSBC Asia Pacific, L&T, and Brookfield Property Management. He also holds the position of Chairman on the boards of BharatPe and the Board of Governors at the prestigious management institute MDI, Gurgaon.