MD and CEO of SBI Cards and Payments Services, Hardayal Prasad has taken voluntary retirement from his positions at SBI after recently giving a resignation which will come into effect by July 31. Ashwini Kumar Tewari will take over his position as new MD and CEO from August 1, 2020, and will serve a tenure of two years.
SBI Cards in a regulatory filing on Thursday said its board has approved, “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”.
SBI Cards reported a 66.4 per cent slump in net profit to Rs 83.54 crore in Q4 of FY20 while its net profit in the same quarter of last fiscal year (FY19) was Rs 248.73 crore. Its total income increased by 20.9 per cent to Rs 2,510.39 crore in Q4 of FY20.