Tag: Rama Mohan Rao Amara

SBI Card to start three-day festive cashback offer from Oct 3, BFSI News, ET BFSI

Banking & Finance

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India’s largest pure-play credit card issuer SBI Card on Wednesday announced its three-day festival to offer cashback benefits for online shopping on all domestic e-commerce platforms beginning next month. The three-day mega shopping festive offer Dumdaar Dus will start on October 3, a one-of-its-kind online shopping festival, offering SBI Card retail cardholders freedom to shop online on any domestic e-commerce site, SBI Card said in a release.

The offerings are not restricted to just one or two e-commerce portals, it said, adding customers can avail 10 per cent cashback on their purchases.

“We rely on and harness the power of data analytics to sharpen our propositions. Over a period, we have observed that an increasing number of our cardholders are shopping online, across a wide range of platforms and product categories, especially during the festive period,” Rama Mohan Rao Amara, Managing Director and CEO, SBI Card, said.

SBI Card also aims to reiterate its brand commitment to offering cardholders convenient, seamless, and secure payment solutions, anywhere, anytime through this offer, he said.

In line with the growing popularity of EMI transactions, the offer will also be available on online merchant EMI transactions.

To amplify the festive offer 2021, SBI Card said it plans to launch a digital campaign featuring actor Jaaved Jaaferi who accentuates the brand message effortlessly with his versatility and humorous characterisation.

The cashback will be on the purchase of a wide range of products such as mobile phones and accessories, TV and large appliances, laptops and tablets, home furnishing, kitchen appliances, fashion and lifestyle, sports and fitness, among others.

However, the offer will not be applicable on online spending in some categories such as insurance, travel, wallet, jewellery, education, healthcare, and utility merchants. PTI KPM BAL BAL



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SBI Card plans to raise Rs 2,000 crore via debt securities, BFSI News, ET BFSI

Banking & Finance

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SBI Cards and Payment Services Ltd (SBI Card), said it plans to raise up to Rs 2,000 crore through the issuance of Non-convertible debentures.

SBI Card , a payment solutions provider said, “A meeting of the Board of Directors of the Company is scheduled to be held on Friday, March 12, 2021,to consider and approve raising of funds by way of issuance of Non-Convertible Debentures (NCDs), aggregating to Rs 2,000 Crores in one or more tranches over a period of time.”

In January 2021, SBI Cards had informed about its fund raising of Rs 550 crore via NCDs done on a private placement basis. These carry a tenure of three years with a coupon rate of 5.9% per annum. The company also announced it’s appointment of new MD & CEO Rama Mohan Rao Amara post which the fund raising was announced.

SBI Cards reporte a 52% YoY fall in its net profit to Rs 210 crore during the December quarter while its total income stood at Rs 2540 crore during the quarter against Rs 2563 crore in the year-ago period. Further, the capital adequacy ratio was at 23.7% compared to the minimum regulatory requirement of 15%.

The card company also reported NPAs on proforma basis at 4.51% as compared to 7.46% in September quarter. As the Supreme Court had earlier directed lenders to not declare any fresh NPAs after August 31, 2020, and all lenders had disclosed NPAs on proforma basis to reflect the true picture of asset quality.



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Rama Mohan Rao Amara takes charge as the MD & CEO of SBI Card, BFSI News, ET BFSI

Banking & Finance

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SBI Card has appointed Rama Mohan Rao Amara as Managing Director and Chief Executive Officer.

Rao takes over from Ashwini Kumar Tewari who has been appointed as MD at State Bank of India.

SBI Card in a statement said, “Rama Mohan Rao Amara is a veteran banker, with a successful career spanning over 29 years at the State Bank of India. Prior to taking charge at SBI Card, Mr. Rao was the Chief General Manager, SBI Bhopal Circle, where he managed two key states MP & Chhattisgarh.”

Ashwini Kumar Tewari, MD at State Bank of India said, “We are pleased to welcome Mr. Rama Mohan Rao Amara as the MD & CEO of SBI Card. He has exhibited reliable and proficient leadership, while managing key assignments across India and abroad. His vision and strategic approach would be a key enabler to lead the rapidly growing credit card business. We are confident that he will be able to further strengthen SBI Card’s position and thereby increase value for all stakeholders.”

On his appointment, Rama Mohan Rao Amara, MD & CEO, SBI Card said, “It is an exciting time to join SBI Card. The Indian economy is slowly but surely coming out of the grip of the pandemic. With a renewed focus towards cashless and digital payments, the country is firmly on the path to becoming a digital economy. Moreover, the Indian credit card market continues to present significant growth potential due to its favourable demographic changes and extremely low credit card penetration rate. SBI Card is known and respected as a customer centric, resilient, and nimble organization. I look forward to leading the organisation to newer heights.”

Rao had started his banking career with SBI in 1991 as a probationary officer and has expertise in field of credit, risk, and international banking. He has held two foreign posting in Singapore and later in US as CEO of Chicago branch and then as President and CEO of SBI California and has also served as CGM – Financial Control at SBI’s Corporate Centre in Mumbai.



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