Pune-based non-banking financial company, Poonawalla Fincorp, announced the appointment of Arvind Kapil, a senior executive from HDFC Bank, as its new Chief Executive Officer (CEO). Kapil presently serves as the group head of the mortgage banking business at HDFC Bank, overseeing areas such as home loans, loans against property (LAP), and the sales division of the former Housing Development Finance Corp (HDFC), which merged with the bank last year. With a substantial portfolio worth over Rs 7 lakh crore under his management, Kapil's appointment reflects Poonawalla Fincorp's strategic move towards expanding its business verticals and achieving further growth.

Although the company did not specify the exact date when Kapil would assume the role of CEO, it expressed enthusiasm about his forthcoming leadership. Meanwhile, the current CEO, Abhay Bhutada, will be transitioning to a higher role within the Cyrus Poonawalla Group, undertaking strategic responsibilities. Despite this elevation, Bhutada will retain his position as a non-executive director on Poonawalla Fincorp's board, ensuring continuity and support in the company's governance structure.

Adar Poonawalla, the chairman of Poonawalla Fincorp, affirmed Bhutada's contributions and the significance of his continued involvement in the company's direction. The transition underscores the company's commitment to harnessing talent from reputed institutions like HDFC Bank to drive innovation and propel growth in the competitive financial landscape. Kapil's extensive experience and track record in managing large portfolios position him as a valuable addition to Poonawalla Fincorp's leadership team, poised to steer the company towards its strategic objectives.