- HDFC bank has shortlisted its retail assets head, Arvind Kapil to lead the home loans business post its merger with Housing Development Finance Corp.
- Arvind Kapil has worked with HDFC bank Ltd. for about 25 years.
- The two will finalise the merger by July 1, 2023.
Kapil, who has worked at India’s most valuable bank for almost a quarter of a century, recently met executives at the mortgage lender to discuss plans for the loan book post-merger, according to people familiar with the matter. If he gets the role, Kapil will lead a mammoth mortgage business, that currently includes gross individual loans of 5 trillion rupees ($61 billion) at HDFC and over 1 trillion rupees at HDFC Bank, according to the firms’ latest financial statements. The decision has yet to be finalized and may still change with the merger slated to be completed as soon as July 1, they said. Kapil did not respond to calls and messages seeking comment. HDFC Bank did not respond to an email seeking confirmation on Kapil’s new role.
At HDFC Bank, Kapil has overseen the rollout of initiatives like getting a personal loan in 10 seconds, even for those without a bank account, as well as offering car loans in 30 minutes. The merger will create a financial behemoth that can ride the boom in home loans and consumer spending in the world’s most populous nation. An integration committee in the bank is constantly reviewing the business, credit and operations processes so the integration is seamless, Kapil said at the HDFC Bank Day, according to a May 24 video on the bank’s YouTube page. “Step by step, we’re pretty much ready,” Kapil said at the event. About 70% of HDFC’s mortgage customers did not have accounts with the bank and Kapil said the lender plans to encourage these clients to bank with it.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here!
- Front Page
- Pure Politics
- Sports & Companies
Regulation? AI, Says Altman
Unleashing Creativity: While norms are needed for major companies, smaller players should be allowed to flourish, OpenAI CEO says in a conversation with Times Internet vice chairman Satyan Gajwani.Visa Delays for Chinese Pros Hit India Biz
The government’s strict approval process for granting visas to Chinese nationals and clearing investment plans of Chinese firms is now hurting Indian businesses, with projects getting delayed or even scrapped, multiple industry executives told ET.OECD Raises India’s FY24 Growth Forecast a Jot to 6%
The Organisation for Economic Co-operation and Development (OECD) on Wednesday moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5.9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
… more less
- HDFC may tap Arvind Kapil for mammoth mortgage business post merger
- Lenders likely to vote on the Hinduja entity plan for Reliance Capital by next week
- Property prices rise in 43 cities in Q4 of FY23: NHB
- Disney Star, JioCinema’s IPL 2023 viewership fight ends with record numbers for both
- Gold loan NBFC Indel Money looks to strengthen presence in western, central India
- Priority Sector Lending target deadline for Urban Cooperative Banks extended
- Myntra introduces Myntra Minis: Video platform to enable discovery of fashion & beauty trends and launches
- MG Motor bags order for 500 ZS EV units from BluSmart
- Mahindra makes foray into dual-fuel small commercial vehicle segment with Supro CNG Duo
- Union Cabinet approval for metro connectivity in Gurgaon to help real estate projects on Dwarka Expressway