IIFL Finance Ltd, a leading non-banking financial company (NBFC) in India, has appointed B.P. Kanungo, former Deputy Governor of the Reserve Bank of India (RBI), as its non-executive chairman. The appointment was made by the company’s board on December 19, 2025, and takes effect immediately.
Kanungo brings over 40 years of experience in banking and financial regulation. He served as RBI Deputy Governor from 2017 to 2021 and was part of the Monetary Policy Committee. He has also held senior roles in currency management, payment systems, and consumer protection. His deep knowledge of the financial system is expected to help IIFL Finance strengthen governance and plan its future growth.
Before becoming chairman, Kanungo was already an independent director on IIFL Finance’s board. In his new role, he will guide the company’s strategic decisions and ensure good governance while protecting the interests of shareholders, customers, and regulators. Nirmal Jain, Managing Director of IIFL Finance, welcomed Kanungo’s appointment, saying his expertise will support the company’s next stage of growth.
In the same board meeting, IIFL Finance shared that it has complied with a tax notice from the Income Tax Department. The company paid Rs 1.47 crore as tax for past assessments, confirming that this does not affect its current operations or finances.
The board also approved a proposal to raise the company’s borrowing limit from Rs 35,000 crore to Rs 60,000 crore, subject to shareholder approval. This move will give IIFL Finance more flexibility to expand its lending business and strengthen its financial position.
IIFL Finance offers a variety of loans, including home loans, business loans, microfinance, and gold loans, and serves customers through a wide network across India. With Kanungo as chairman, the company aims to combine strong governance with strategic growth to better serve its customers and investors.
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