SBI Cards Appoints Salila Pande as New MD & CEO

SBI Cards and Payment Services Ltd has announced a major leadership change along with a financial update. Salila Pande has been appointed as the next Managing Director and Chief Executive Officer (MD & CEO) of the company, effective April 1, 2025. She will replace Abhijit Chakravorty, who is set to retire on March 31, 2025. In addition, SBI Cards has declared an interim dividend of ₹2.50 per share for the financial year 2024-25.

Who is Salila Pande, the new MD & CEO of SBI Cards?

Salila Pande is currently the Chief General Manager at the State Bank of India (SBI). She has been associated with SBI since 1995, starting her career as a probationary officer. Over the years, she has handled key positions, including Vice President – Mid Office at SBI Singapore, Deputy General Manager (Business & Operations) in Delhi, and President & CEO of SBI California, a foreign subsidiary of SBI.

Her academic background includes a postgraduate degree in physics. She is also a certified Financial Risk Manager (FRM) from GARP, USA, and a certified associate of the Indian Institute of Bankers (CAIIB). Her appointment as the MD & CEO of SBI Cards is for a two-year term, subject to shareholder and regulatory approvals.

What is the interim dividend declared by SBI Cards?

On February 17, 2025, SBI Cards announced an interim dividend of ₹2.50 per equity share for the financial year 2024-25. This dividend is 25% of the face value of ₹10 per share. The record date for determining eligible shareholders is February 25, 2025, and the dividend will be disbursed by March 18, 2025.

How has SBI Cards performed financially?

For the third quarter ending December 31, 2024, SBI Cards reported a net profit of ₹383 crore, marking a 30% decline compared to ₹549 crore in the same period of the previous year. The drop in profit is primarily due to rising delinquencies in the credit card business.

As of February 18, 2025, SBI Cards’ stock was trading at ₹846.45, reflecting a 0.86% decline in its share price.

What does this mean for SBI Cards’ future?

With Salila Pande’s leadership, SBI Cards is expected to focus on strengthening its credit card portfolio and improving financial performance amid rising delinquencies. The company continues to expand its market share in India’s growing digital payments ecosystem. The interim dividend declaration further reflects its commitment to rewarding shareholders despite short-term financial challenges.

Key Highlights of SBI Cards’ Latest Announcement