SBI Cards and Payment Services Ltd , a leading credit card issuer in India, has announced significant changes to its leadership team. The company has appointed Payal Mittal Chhabra as its new Company Secretary and Chief Compliance Officer, while also welcoming Rajnikant Patel to its board as an Additional Independent Director.

New Company Secretary Appointment

Payal Mittal Chhabra's appointment as the Company Secretary and Chief Compliance Officer was confirmed through her digital signature on an official company document. This appointment marks a crucial addition to SBI Cards' executive team, reinforcing the company's commitment to strong corporate governance and regulatory compliance.

Board Changes and New Independent Director

The company disclosed changes to its board composition:

1. Departure of Rajendra Kumar Saraf: Mr. Rajendra Kumar Saraf (DIN: 02730755), who served as a Non-executive Independent Director, completed his second term. He ceased to be a Director of the company effective from the close of business hours on the same day.

2. Appointment of Rajnikant Patel: The Board of Directors approved the appointment of Mr. Rajnikant Patel (DIN: 00003135) as an Additional Independent Director. His term is set for three years, subject to shareholder approval.

About Rajnikant Patel

Rajnikant Patel brings a wealth of experience to SBI Cards' board:

• Educational Background: Post-graduate qualifications in Commerce, LLB, and Banking. He is also a Certified Internal Auditor, ISO, and Certified Financial Consultant.
• Professional Experience: Over 30 years in Commercial Banking and Finance, Banking Regulation, Capital Markets, Commodity Markets, Information Technology, Cyber Security, and Management Consultancy.
• Notable Positions: Former MD & CEO of Bombay Stock Exchange (BSE) and Indian Commodity Exchange (ICEX).
• Expertise: Known for driving corporate transformation, technology innovation, and governance excellence.
• Regulatory Experience: Worked with the Reserve Bank of India for over a decade in banking supervision and technology.

SBI Cards and Payment Services Ltd continues to strengthen its leadership team, positioning itself for continued growth and excellence in the dynamic financial services sector. These appointments reflect the company's focus on maintaining robust corporate governance and bringing diverse expertise to its board.

Note: This article is based on the official disclosure made by SBI Cards and Payment Services Ltd to the stock exchanges.

SBI Cards and Payment Services Limited , a leading credit card issuer in India, has successfully raised ₹2,000 crore through the issuance of non-convertible debentures (NCDs). The company made this announcement in a recent filing with the stock exchanges.

Key Details of the NCD Issuance

Terms and Conditions

The NCDs are unsecured, rated, taxable, redeemable, and senior in nature. They will be listed on the Wholesale Debt Market Segment of BSE Limited. The interest on these debentures will be paid annually, with the first payment scheduled for July 30, 2026.

Purpose and Impact

While the company has not explicitly stated the purpose of this fundraising, such issuances are typically used to strengthen the balance sheet, support business growth, or refinance existing debt. The successful placement of these NCDs indicates investor confidence in SBI Cards' financial stability and future prospects.

Market Position

SBI Cards and Payment Services Limited, a subsidiary of the State Bank of India, is one of the largest credit card issuers in India. This debt issuance is likely to provide the company with additional financial flexibility to support its operations and potential expansion plans in the competitive credit card market.

Investor Considerations

For investors, these NCDs offer a fixed income opportunity with a relatively short tenure of three years. The 7.05% coupon rate may be attractive in the current interest rate environment, especially considering the company's strong market position and backing from the State Bank of India.

As always, investors should conduct their own due diligence and consider their risk appetite before investing in any debt instruments.

Annual General Meeting Announcement

In related news, SBI Cards has also announced that its 27th Annual General Meeting (AGM) will be held on Friday, August 29, 2025, at 12:30 P.M. (IST) through Video Conferencing (VC) or Other Audio Visual Means (OAVM). This decision aligns with the ongoing trend of virtual shareholder meetings, ensuring wider participation and adherence to any potential health and safety guidelines.

The company will be sending the AGM notice and the Integrated Annual Report for the financial year 2024-25 to shareholders via email. Shareholders who have not registered their email addresses are encouraged to do so to receive these documents electronically.

SBI Cards continues to demonstrate its commitment to shareholder engagement and corporate governance through these initiatives.