IIFL Finance has announced the appointment of B. P. Kanungo, former RBI Deputy Governor, as the new Chairperson of the Board, marking a significant leadership development for the financial services company. This strategic move brings substantial regulatory and banking expertise to IIFL Finance's leadership team.

Leadership Appointment Details

The appointment of Kanungo represents a strategic move by the company to strengthen its board leadership with proven expertise from India's central banking sector. His background as Deputy Governor at the RBI provides valuable regulatory insight and financial sector knowledge that will benefit the organization's strategic direction.

Significance of the Appointment

The selection of a former RBI Deputy Governor as Chairman underscores the company's focus on bringing regulatory expertise and institutional knowledge to its leadership structure. Kanungo's experience in central banking and financial regulation positions him well to guide the company through the evolving regulatory landscape in India's financial services sector.

This appointment reflects IIFL Finance's commitment to maintaining strong governance standards and leveraging experienced leadership to drive its business objectives. The addition of such senior-level expertise from the regulatory sphere demonstrates the organization's strategic approach to board composition.

Leadership Enhancement at IIFL Finance

IIFL Finance Limited has officially designated Mr. Bibhu Prasad Kanungo as Chairperson of the Board with immediate effect. The Board of Directors unanimously approved this designation at their meeting, underscoring strong confidence in his leadership, independence, and deep regulatory expertise.

Strategic Appointment Details

The following table summarizes the key aspects of this strategic appointment:

Extensive Professional Background

Mr. Kanungo brings over four decades of distinguished experience in central banking, monetary policy, and financial regulation. He served as Deputy Governor of the Reserve Bank of India from 2017 to 2021 and was a Member of the Monetary Policy Committee during a pivotal phase of India's financial sector evolution. His tenure was marked by strong focus on supervisory strengthening, regulatory reforms, consumer protection, and institutional resilience.

Prior to his role as Deputy Governor, Mr. Kanungo held several senior leadership positions at the RBI, including Regional Director across multiple states and Banking Ombudsman, where he played a key role in advancing grievance redressal mechanisms and reinforcing trust in the financial system.

Leadership Vision and Commitment

Accepting the Board's offer, Mr. Kanungo stated his commitment to enhancing Corporate Governance, Systems & Controls and Compliance functions in close coordination with Management and the Board while emphasizing customer centricity and transparency in operations to make IIFL Finance Limited the best in class financial entity for all stakeholders.

Mr. Nirmal Jain, Founder Managing Director, highlighted that this appointment marks an important milestone in further strengthening IIFL Finance's governance architecture and positioning the institution for its next phase of growth. He emphasized that Kanungo's distinguished experience will provide invaluable guidance as the Company continues to build a resilient, transparent, and institutionally robust franchise.

Strategic Impact on Governance

As Chairperson, Mr. Kanungo will lead the Board in setting strategic direction, enhancing governance standards, and safeguarding the interests of shareholders, customers, regulators, and other stakeholders. This elevation reinforces the Company's commitment to high standards of corporate governance, independent oversight, and regulatory discipline.

About IIFL Finance

IIFL Finance Limited is one of India's leading retail-focused diversified NBFCs, engaged in loans and mortgages through its subsidiaries. The Company offers a wide spectrum of products including Home Loans, Gold Loans, Business Loans, Microfinance, Capital Market Finance, and Developer Construction Finance, serving over 8 million customers through a pan-Indian network of 4,900 branches and digital channels.