SBI Cards and Payment Services Limited has announced a key senior management appointment, naming Mr. Amit Batra as Executive Vice President & Chief Strategy Officer. The appointment, effective July 01, 2026, was approved by the Board of Directors on April 01, 2026, following the recommendation of the Nomination and Remuneration Committee.

Appointment Details

The company disclosed the appointment under Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting the significance of this senior management change. The formal announcement was made through regulatory filings to both BSE Limited and the National Stock Exchange of India Limited.

Professional Background

Mr. Amit Batra brings approximately thirty years of distinguished experience across various leadership positions. His expertise spans multiple domains including strategy, operations, sales, environmental, social and governance (ESG), as well as business transformation initiatives.

Prior to this appointment, Mr. Batra served as Chief Operating Officer at TransUnion CIBIL India, where he led enterprise transformation initiatives with a focus on sustainable growth, regulatory compliance and operational resilience.

Career Experience

Mr. Batra's professional journey includes notable positions at several prominent organizations:

• TransUnion CIBIL India: Chief Operating Officer
• SBI Card: Previous role (returning to the organization)
• GE Capital: Leadership position
• Star TV: Senior role
• EQUUS Advertising: Management position
• Modi Telstra: Executive role
• Taj Group of Hotels: Leadership position

Educational Qualifications

Mr. Batra's educational credentials reflect his commitment to continuous learning and professional development. He is an alumnus of INSEAD, one of the world's leading business schools. Additionally, he holds a Master Black Belt in Lean Six Sigma, demonstrating his expertise in process improvement and operational excellence. His foundational education includes graduation from the Institute of Hotel Management, Kolkata.

Regulatory Compliance

The appointment disclosure was made in compliance with SEBI regulations, with the information also being uploaded on the company's official website at www.sbicard.com . The formal communication was signed by Payal Mittal Chhabra, Chief Compliance Officer & Company Secretary, ensuring proper regulatory adherence and transparency in corporate governance practices.

SBI Cards and Payment Services faces a challenging outlook as HSBC maintains its cautious stance on the credit card company. The global brokerage has kept its 'Reduce' rating while making substantial adjustments to financial projections and target pricing.

Target Price Revision

HSBC has significantly reduced its target price for SBI Cards and Payment Services, cutting it from Rs 660 to Rs 560. This represents a notable downward revision reflecting the brokerage's concerns about the company's near-term prospects and operational challenges.

Key Concerns and Outlook

The revision stems from multiple factors impacting the credit card sector:

The Middle East conflict has emerged as a significant factor influencing HSBC's assessment, with the geopolitical situation expected to impact overall demand patterns in the financial services sector.

Sector Preferences

Despite the challenges facing SBI Cards, HSBC has outlined its preferred investment themes within the financial sector:

• Private Banks: The brokerage continues to favor private sector banking institutions
• Select NBFCs: Cholamandalam Investment and Finance and Shriram Finance remain preferred picks
• Defensive Play: LIC Housing Finance is viewed as a defensive investment option in the current environment

The brokerage's preference for these alternatives suggests a strategic shift toward institutions perceived to have better resilience against current market headwinds and geopolitical uncertainties affecting the broader financial services landscape.