SBI Cards and Payment Services Limited (SBI Card) has announced the launch of a new co-branded credit card in partnership with Bank of Maharashtra, targeting the domestic market. The company made this disclosure through regulatory filings to stock exchanges on August 18, 2025.

Key Details of the New Product

Strategic Partnership

This new offering represents a strategic collaboration between SBI Cards, a leading credit card issuer in India, and Bank of Maharashtra, a prominent public sector bank. The partnership aims to leverage the strengths of both institutions to provide enhanced financial services to customers.

Regulatory Compliance

The launch announcement was made in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SBI Cards' Chief Compliance Officer and Company Secretary, Payal Mittal Chhabra, filed the disclosure with the BSE Limited and the National Stock Exchange of India Limited.

Market Impact

While specific features and benefits of the Bank of Maharashtra SBI Card have not been disclosed in the initial announcement, co-branded credit cards typically offer tailored rewards and benefits to customers of the partnering bank. This move is likely to strengthen SBI Cards' position in the competitive credit card market and potentially expand its customer base through Bank of Maharashtra's network.

The launch of this co-branded card underscores SBI Cards' commitment to diversifying its product portfolio and forming strategic alliances within the banking sector. As the credit card industry in India continues to grow, such partnerships may play a crucial role in capturing market share and meeting evolving consumer needs.

Investors and customers alike will be watching closely to see how this new offering performs in the domestic market and what unique value propositions it brings to cardholders.

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.