IIFL Finance Appoints Former RBI Deputy Governor B P Kanungo as Chairman

In a significant leadership development in India’s financial sector IIFL Finance has appointed B P Kanungo as the non executive chairman of its board. The appointment which approved by the company’s board with immediate effect. It brings extensive central banking and regulatory expertise to one of India’s prominent non banking financial companies (NBFCs).

Who Is B P Kanungo

• B P Kanungo brings over four decades of experience in central banking and financial regulation.
• He served as a Deputy Governor of the Reserve Bank of India from 2017 to 2021 and was also a member of the Monetary Policy Committee (MPC), the body responsible for setting India’s key interest rates.
• During his tenure at the RBI Kanungo played a key role in areas such as currency management, payment systems, and financial stability, making him one of the most experienced regulatory voices in India’s financial system.

Role as Non-Executive Chairman

• As non-executive chairman Kanungo will lead the board in setting strategic direction, strengthening governance standards, and ensuring accountability.
• His role will focus on safeguarding the interests of shareholders, customers, regulators, and other stakeholders, while maintaining independence between management and board oversight.
• The company’s management has highlighted that his appointment signals confidence in institutional integrity and long-term stability.

Other Key Board Decisions

• Alongside Kanungo’s appointment IIFL Finance disclosed compliance with a notice under the Income Tax Act, 1961 relating to a past assessment period.
• The company stated that it has paid the applicable tax amount and clarified that the matter has no material impact on its financial or operational performance.
• The board also approved a proposal to increase the borrowing limit and asset security creation limit, subject to shareholder approval, indicating the company’s plans for future expansion and balance sheet growth.

Key Takeaways

• IIFL Finance has appointed B P Kanungo as its non-executive chairman.
• Kanungo is a former RBI Deputy Governor (2017–2021).
• He was also a member of the Monetary Policy Committee.
• The appointment strengthens corporate governance and regulatory oversight.

Question

Q. Who has been appointed as the non-executive chairman of IIFL Finance?

A. Nirmal Jain
B. B P Kanungo
C. Shaktikanta Das
D. Raghuram Rajan