Abstract: Over the last few years, the banking industry has witnessed numerous changes, some of which were triggered by the financial crises, regulation by governments and the demand to digitalize. Similar to other organizations, Commercial Banks face challenges in their attempt to renew their business models and sustain their future growth. The aim of the study was to establish the effect of turnround strategies on organizational renewal; evidence from selected commercial banks in Kigali, Rwanda. The study adopted a cross sectional research design. Respondents in three commercial banks; Equity Bank, ECOBANK and KCB were selected to participate in the study. Regression coefficients were calculated for testing hypotheses. Results of the study show that there is a statistical positive significant effect of turnround strategies on organizational renewal. Therefore, to remain competitive, banks should constantly review their cost structure, redeploy/divest idle assets and most importantly, establish new portfolios for profit generation. Such initiatives should be done in-line with the bank’s strategic plan/agenda.