Arvind Kapil has been announced as the new MD and CEO of Pune-based non-banking financial company (NBFC), Poonawalla Fincorp. Adar Poonawalla, Chairman of Poonawalla Fincorp, said, “As we continue to develop new business verticals and move towards our long-term vision of being the best-in-class organization, we are pleased to share that Mr. Arvind Kapil will be joining us as MD and CEO to spearhead this transformation to the next level of growth.”
Kapil is now associated with HDFC Bank and looks after the mortgage banking business. This includes home loans, loans against property, and HDFC Sales Private Limited. Kapil manages a loan book of Rs 7.5 lakh crore in HDFC, as per a company statement. Kapil will be serving “for a period of five years effective from June 24, 2024, based on the recommendation of the Nomination and Remuneration Committee, subject to the approval of shareholders of the company.”
“Kapil has introduced groundbreaking innovations such as the industry-leading 10-second personal loan, alongside digital loans against securities, digital loans against mutual funds, and digital auto loans,” says a release by the company.
Currently, Abhay Bhutada is the CEO and MD of Poonawalla Fincorp. As per the company, he is taking early retirement. Following his successful tenure, Bhutada will continue as a non-executive director on the board of Poonawalla Fincorp Limited.
Talking about Bhutada’s achievement, the company said in a release, “Given his leadership, execution skills, and business acumen, Abhay Bhutada has been elevated to group level and will be taking on a strategic and larger role at the Cyrus Poonawalla Group for managing its strategy, investment, and finance.”
