Rao resigned as he has been transferred back to State Bank of India, said the company.

Meanwhile, the company's board has appointed Abhijit Chakravorty as managing director & CEO of the company, effective from Saturday, 12 August 2023 for a period of two years, subject to necessary approvals as may be required including approval of the shareholders.

Chakravorty is a post graduate in Applied Chemistry and is a Certified Associate of the Indian Institute of Bankers (CAIIB). He is presently a deputy managing director at State Bank of India. Starting his banking career as a Probationary Officer with SBI in 1988, he has gained over 34 years of experience in Retail and Corporate Banking, Overseas Operations and IT vertical of the bank.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.

SBI Cards and Payment Services reported a 2.7% rise in net profit to Rs 596.47 crore on 29.9% jump in total income to Rs 3,916.57 crore in Q4 FY23 over Q4 FY22.

Shares of SBI Cards and Payment Services rose 0.77% to Rs 841.95 on the BSE.