SBI Cards and Payment Services today announced significant changes in its leadership. The company informed the stock exchanges that Mr. Abhijit Chakravorty, Managing Director & CEO, has tendered his resignation effective from the close of business hours on March 31, 2025. His resignation follows his superannuation from the State Bank of India, the parent organization. Consequently, he will also step down as MD & CEO of SBI Card on the same date.
In addition to Mr. Chakravorty’s exit, Mr. Nitin Chugh, a Non-Executive Nominee Director of the company, has also resigned from the board with effect from March 29, 2025. Mr. Chugh, who was nominated by the State Bank of India, cited his inability to devote adequate time to board responsibilities due to other professional obligations.
The company has taken note of both resignations and submitted the respective letters to the stock exchanges. It also clarified that the trading window for dealing in securities of the company will remain closed from March 29, 2025, to March 31, 2025 (both days inclusive), in accordance with SEBI’s insider trading regulations. Further, the trading window will continue to be closed from April 1, 2025, until 48 hours after the declaration of financial results for the quarter and year ending March 31, 2025.
