Published On: Thu, Jul 16th, 2020

SBI Card MD&CEO Hardayal Prasad resigns pursuant to voluntary retirement from SBI

New Delhi: SBI Cards and Payment Services (SBI Card) on Thursday said its MD & CEO Hardayal Prasad has resigned pursuant to voluntary retirement from SBI–the promoter of the company.

SBI Card MD&CEO Hardayal Prasad

“We wish to inform that the Board of Directors of the company at its meeting held on Wednesday, July 15, 2020 approved resignation of Hardayal Prasad, Managing Director & CEO (nominated by State Bank of India) of the company who has tendered his resignation from directorship of the company,” SBI Card said in a regulatory filing.

He took over as MD&CEO of SBI Card in February 2018.

Prasad’s resignation comes into effect from the close of business hours of July 31, 2020, owing to his voluntary retirement from SBI , it said.

“He will also cease to be the MD &CEO of the company from the said date,” SBI Card added.

The board also appointed Ashwini Kumar Tewari as Managing Director & CEO (nominated by SBI) of the company with effect from August 1, 2020 for a period of two years, the filing said.

Tewari’s appointment is subject to all the requisite approvals including 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 Card added.

Tewari, 52, is a BE degree holder from BITS Ranchi. He joined SBI as a probationary officer in August 1991.

He held various positions in leadership role in SBI and is currently posted in New York as the Country Head of US operations.


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