Ex-RBI Deputy Governor Appointed as Independent Director at IIFL Finance

Former Reserve Bank of India deputy governor B P Kanungo has been appointed as an independent director on the board of IIFL Finance. The appointment is aimed at enhancing governance frameworks and supporting the non-banking finance company's continuing efforts towards financial inclusion.

Appointment of Ex-RBI Deputy Governor B P Kanungo Announced

Mumbai-based IIFL Finance Ltd has confirmed the inclusion of B. P. Kanungo, former deputy governor of the Reserve Bank of India (RBI), as an independent director on the company board. The announcement was made on June 16 and marks a significant addition to the financial institution’s leadership structure.

Company Managing Director Nirmal Jain expressed enthusiasm over the new appointment, stating that Kanungo’s “exceptional expertise in regulation, governance, and financial systems will add valuable depth to our Board deliberations.”

Kanungo’s Diverse Experience at the RBI

B P Kanungo served as the deputy governor of the RBI from 2017 to 2021. During his tenure, he was also a member of the Monetary Policy Committee (MPC), involved in shaping India’s monetary policy architecture. His contributions were significant during a time of evolving regulatory practices in the financial sector.

Prior to his role as deputy governor, Kanungo held key positions including regional director in states such as Rajasthan, West Bengal, Sikkim, Madhya Pradesh and Chhattisgarh. He also served as the Banking Ombudsman in the RBI.

Role and Vision at IIFL Finance

Welcoming his new role at IIFL Finance, Kanungo lauded the firm’s focus on reaching the unbanked and underbanked population. He emphasised his commitment to strengthening the institution’s governance, compliance, and risk management frameworks.

Kanungo remarked: “I am delighted to join the Board of IIFL Finance, an institution committed to financial inclusion and last-mile credit delivery to underbanked customers. I look forward to supporting IIFL’s larger mission of making technology-driven financial solutions accessible to underserved communities.”

Company Strategy and Future Outlook

Alongside Kanungo’s appointment, IIFL Finance recently announced a fundraising initiative of up to ₹600 crore through non-convertible debentures (NCDs) on a private placement basis. This move aims to enhance the firm’s long-term capital and support its expanding lending portfolio.

IIFL Finance is known for its retail-focused lending services and its strategic objectives align with the drive for inclusive finance. With Kanungo's inclusion, the company aims to reinforce its regulatory alignment and institutional integrity.

Read More: IIFL Finance to Raise ₹600 Crore Through NCDs on Private Placement !

International Engagements of Kanungo

Kanungo’s influence in the financial sector extends beyond national boundaries. He has represented India in global forums including the Bank for International Settlements (BIS), where he served on the Markets Committee and the Committee for Financial Stability. Domestically, he chaired the Bharatiya Reserve Bank Note Mudran Nigam and led the RBI’s committee on improving customer service standards.

IIFL Finance Share Price Performance 

Following the announcement, IIFL Finance's share price was trading higher by 0.78% at ₹488.75 on the NSE on June 17, 2025, as of 10:11 AM.

Conclusion

The addition of former RBI deputy governor B P Kanungo as an independent director on IIFL Finance’s board signals the NBFC's focus on governance, compliance, and sustainable financial inclusion. His vast experience in regulation and policy-making is expected to guide the company through its expansion and transformation journey.

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.