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Poonawalla Fincorp, a leading financial institution, has announced the appointment of Arvind Kapil as its new Managing Director and Chief Executive Officer (MD & CEO), effective from June 24, 2024, for a five-year term. This decision comes following the retirement of Abhay Bhutada, who will transition to a non-executive director role within the company.
Arvind Kapil brings a wealth of experience to his new role, having served as the Group Head at HDFC Bank, where he oversaw the mortgage banking business with a substantial book size of 7.5 lakh crore. His responsibilities included managing the entire Home Loans portfolio, Loan Against Property (LAP), and HDFC Sales Private Limited.
Prior to his role as Group Head, Kapil led HDFC Bank’s retail lending franchise, managing a diverse range of domains such as unsecured loans, auto loans, two-wheeler loans, retail working capital loans, gold loans, loans against shares, home loans, microfinance, and business loans. He has over 25 years of experience and has been instrumental in introducing digital solutions to enhance customer experience.
Some of Kapil’s notable innovations include the industry-leading 10-second personal loan and digital loan against securities and mutual funds. He holds an Advanced Management Programme from Harvard Business School, a Master’s in Management of Global Enterprises from IIM Bangalore, UCLA Anderson, and SDA Bocconi, a Masters in Management Studies from Bharati Vidyapeeth Institute of Management Studies and Research, and a Bachelor of Engineering (B.E.) from K.J. Somaiya College of Engineering, Mumbai.
The appointment of Arvind Kapil as MD & CEO is subject to approval by the shareholders of Poonawalla Fincorp. Meanwhile, Abhay Bhutada’s early retirement as MD and key managerial personnel marks a new phase for the company as he transitions to a non-executive director role, providing continuity and strategic guidance from his wealth of experience within the organization.
Sources By Agencies
