Former SBI Chairman Rajnish Kumar appointed Chairman of Mastercard India

Banking industry veteran and former State Bank of India (SBI) Chairman Rajnish Kumar has been appointed the Chairman of Mastercard India, the payments technology company stated on Thursday. Kumar’s role will be a non-executive advisory, albeit a critical one, the company added. 

Rajnish Kumar will guide Mastercard’s South Asia executive leadership team led by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India. 

The veteran banker has nearly four decades of experience in SBI. He held various leadership roles in the bank managing critical operations across India, the UK and Canada. He is also widely credited for spearheading the YONO platform. He concluded his three-year term as SBI Chairman in October 2020. 

While his expertise lies in corporate credit and project finance, Rajnish Kumar also holds several directorships including seats on the boards of corporate giants such as HSBC Asia Pacific, L&T, and Brookfield Property Management. He also chairs the board of BharatPe and board of governors of leading management institute MDI, Gurgaon.

Ari Sarker, President, Asia Pacific, Mastercard called Rajnish Kumar “one of India’s most distinguished banking industry veterans” while welcoming him. “Under Mr. Kumar’s invaluable stewardship, Mastercard will seek to further digital payments adoption and acceptance in the market and continue to actively support the government’s Digital India vision in innovative and impactful ways,” said Sarker. 

Sarker said that Rajnish Kumar will be involved in augmenting the local leadership team in its efforts to expand their domestic footprint while bolstering Mastercard’s ongoing commitment to forging strategic partnerships with partnerships across the payments ecosystem. 

Rajnish Kumar said, “I am keenly looking forward to sharing my knowledge, experience, and expertise with Mastercard as the company becomes an even more deeply embedded player and strategic partner to organizations across the public and private sectors in India. With its relentless focus on partnering for progress and driving prosperity through inclusive growth, Mastercard has the technologies, capabilities, resources, and heart to contribute greatly to India’s vibrant payments technology landscape.”

Mastercard has connections across over 210 countries and territories. 

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