A statement issued by Mastercard read,” In this critical, non-executive advisory role, Mr. Kumar will guide Mastercard’s South Asia executive leadership team led by Gautam Aggarwal, Division President for South Asia & Country Corporate Officer, India, in navigating the vibrant domestic payments landscape”.

“Mastercard is most pleased to welcome Mr. Rajnish Kumar – one of India’s most distinguished banking industry veterans – as our India Chairman. 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”, Ari Sarker, President, Asia Pacific, Mastercard, said in a statement.

“Mr. Kumar will be keenly involved in augmenting the local leadership team in its efforts to expand our domestic footprint, while bolstering Mastercard’s ongoing commitment to forging strategic partnerships with stakeholders across the payments ecosystem – from banks to fintechs to governments, non-profits and more,” Sarker added.

On his appointment, 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”.

Kumar has nearly four decades of lauded service with the SBI, having held a wide range of leadership roles at SBI and its subsidiaries that saw him managing critical operations across India and internationally in the United Kingdom and Canada. He spearheaded the development of SBI’s digital platform, YONO. Kumar concluded a three-year term as SBI Chairman in October 2020.

Kumar also holds several directorships, including seats on the boards of many prestigious institutions and corporates like 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, the statement added.