State Bank of India has appointed Rama Mohan Rao Amara as the managing director of the bank for a period of three years, the lender said in an exchange filing on Wednesday.
This has come after a proposal by the department of financial services and will be effective from the date Amara assumes charge or until further orders, whichever is earlier.
Amara, who has been with the bank for over 29 years, was holding the position of deputy managing director and chief risk officer of the bank until his appointment as the managing director.
Amara will fill the vacancy created due to the elevation of CS Setty as Chairman of SBI.
Before getting transferred to SBI in July 2023, Amara was MD and CEO at SBI Cards and Payments Services. He was appointed as MD and CEO of SBI Cards in January 2021.
For the quarter ended September, SBI Cards net profit rose 33% on the year to Rs 404 crore. Cards in force increased by 10% on year to Rs 1.96 crore.
SBI's profit after tax was Rs 18,331 crore for the September quarter, up 28% on year. Net interest income also rose by over 5% on year to Rs 41,620 crore.
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