SBI Cards and Payments Services' MD and CEO Hardayal Prasad has resigned from the post owing to this voluntary retirement from the State Bank of India (SBI) and Ashwini Kumar Tewari has already been appointed the new MD and CEO.

In a regulatory filing today SBI Cards said that Prasad's resignation comes into effect from the close of business on July 31.

Ashwini Kumar Tewari will take over as the new MD and CEO of the Company with effect from August 1, 2020 for a period of two years.

The filing said that the board on yesterday approved the "appointment of Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the company with effect from August 1, 2020 for a period of two years, subject to all the requisite approvals including approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the directors of the company".

Shares of the company on the BSE are currently trading at Rs 706.05, higher by Rs 14.15 or 2.05 per cent from its previous close..