Poonawalla Fincorp appoints HDFC Bank's Arvind Kapil as new MD & CEO. Who is he?

Poonawalla Fincorp on Monday announced the appointment of Arvind Kapil, currently serving as group head at HDFC Bank, as its new managing director & chief executive officer for a five-year term starting June 24, according to regulatory filing.

“Arvind Kapil has been appointed as an additional director in the capacity of managing director & chief executive officer of the company for a period of five years effective from June 24, 2024, following the recommendation of the nomination and remuneration committee. This appointment is subject to the approval of the Shareholders of the company. Arvind Kapil is not disqualified from holding the office of director by virtue of any order passed by the Securities and Exchange Board of India or any other such authority,” the regulatory filing said.

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Who is Arvind Kapil?

1. Arvind Kapil currently serves as the group head at HDFC Bank, overseeing the mortgage banking business with a substantial book size of 7.5 lakh crore.

2. In his role, Kapil manages the entire Home Loans portfolio, Loan Against Property (LAP), and HDFC Sales Private Limited.

3. Before his current position, Kapil led the retail lending franchise at HDFC Bank, managing various 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.

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4. With over 25 years of experience, Kapil has been instrumental in introducing digital solutions to enhance customer experience. Notable innovations include the industry-leading 10-second personal loan and digital loan against securities and mutual funds, the regulatory filing added.

5. Kapil 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.

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Abhay Bhutada, present MD, to retire early

The appointment followed the early retirement of Abhay Bhutada as managing director and key managerial personnel of the company, effective from the close of business hours on June 23. Bhutada will continue to serve as a non-executive director on the Board of Poonawalla Fincorp Limited, the filing added.