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Mastercard has chosen Rajnish Kumar, the former Chairman of the State Bank of India (SBI), to assume the role of chairman for its Indian subsidiary. This decision aligns with the ongoing transformation of India's payment landscape, with a notable shift towards digital transactions gaining momentum.
Rajnish Kumar, who dedicated 40 years to various leadership roles at SBI and held the position of chairman until October 2020, currently holds the position of chairman at the payments startup BharatPe.
In his new capacity, Kumar will focus on fortifying the local leadership team, a strategic move aimed at expanding Mastercard's footprint within the Indian market. Ari Sarker, President of Mastercard's Asia-Pacific division, underscored Kumar's role in enhancing the local leadership team's efforts to drive domestic growth for the company.
Despite encountering regulatory hurdles in India, including a temporary suspension in 2021, Mastercard perceives India as a pivotal growth market. The company has demonstrated its commitment by making substantial investments in the country, totalling $2 billion since 2014. These investments serve the dual purpose of fostering innovation in digital payment methods and establishing technology centres.
It is worth noting that Mastercard faced regulatory challenges in India, particularly the imposition of a ban by the central bank in 2021. This ban temporarily prohibited the issuance of debit and credit cards to new domestic customers due to compliance concerns pertaining to the storage of payment system data. However, this ban was lifted in June 2022.
Mastercard's steadfast belief in India's potential as a growth market is underscored by its substantial investments over the years. These investments have been channelled into creating technology hubs and advancing digital payment technologies, reinforcing the company's commitment to India's evolving payment landscape.
