Mastercard India has appointed former State Bank of India (SBI) head Rajnish Kumar as its chairman.

In this non-executive advisory role, 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 domestic payments landscape, Mastercard said in a statement.

“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," said Ari Sarker, President, Asia Pacific, Mastercard.

Kumar has worked at various levels in SBI and launched the YONO platform during his tenure as chairman. His three-year term as SBI chairman ended in October 2020.

“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 said.

Mastercard was barred by the Reserve Bank of India (RBI) in 2021 from issuing debit and credit cards to new domestic customers over compliance issues regarding storage of payment system data. The RBI lifted the ban in June 2022.