SBI Cards and Payment Services Limited has formally announced a significant change in its senior management. The company’s Board of Directors, during their meeting held on May 30, 2026, approved the appointment of Mr. Saurav Ghosh as the new Chief Operating Officer (COO) for a two-year term, effective from June 21, 2026. Consequently, the current COO, Mr. Ashutosh Kumar Sharma, will demit office at the close of business hours on June 20, 2026.

SBI Card is a leading credit card issuer in India, originally launched in 1998 as a joint venture between the State Bank of India and GE Capital. It is the first pure-play credit card company to be listed on Indian stock exchanges, maintaining its position as the second-largest credit card provider in the country with a vast portfolio of premium, travel, and co-branded cards. The company has been at the forefront of digital payment innovation, consistently expanding its customer base to over 22.2 million cards in force as of April 2026. Throughout 2025, the company focused on expanding its co-branded offerings, including partnerships with Tata Neu, Apollo HealthCo, and Singapore Airlines.

SBI Card

The company reported a 14.06% increase in net profit for the fourth quarter ended March 31, 2026 (Q4FY26), reaching ₹609.30 Crores compared to ₹534.18 Crores in the same quarter of the previous year. Total income for Q4FY26 stood at ₹5187.04 Crores, reflecting a 7.35% growth over the ₹4831.74 Crores reported in the corresponding quarter of the previous year. Among its prominent shareholders, the State Bank of India remains the primary promoter with a significant stake, while other notable institutional investors include the Life Insurance Corporation of India (LIC) and various funds managed by ICICI Prudential and Nippon Life India.

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