SBI Cards & Payments Services Ltd has appointed Ashwini Kumar Tewari as its managing director and chief executive officer, India’s second-largest issuer of credit cards said on Thursday.
The company, which operates under the SBI Card brand, said in a stock-exchange filing that Tewari will assume his new role for a period of two years starting August.
He will replace Hardayal Prasad, who is voluntarily retiring after a stint of two-and-a-half years.
Tewari, 52, graduated in electrical and electronics engineering from Birla Institute of Technology, Ranchi. He joined State Bank of India, the card company’s parent, in 1991 and has worked his way up the corporate ladder.
During his nearly three decades of service at the bank, Tewari worked in various capacities across cities such as Lucknow, Mumbai, New York and Hong Kong. He has nearly eight years of service left.
SBI Card is majority-owned by State Bank of India, the country’s largest lender by assets. The credit card company, which went public earlier this year, counts private equity giant Carlyle Group as its marquee institutional investor.
SBI Card started operations in 1998. It operates in more than 145 cities in India and has over 10 million customers, according to the company’s website. In India, it trails behind HDFC Bank in terms of the number of cards issued.
