BP Kanungo currently serves as a Non-Executive Independent Director on the Board of IIFL Finance Limited. , Photo courtesy: The Hindu
NBFC firm IIFL Finance has appointed former RBI deputy governor BP Kanungo as non-executive chairman of the board.
The board at its meeting held on Friday (December 19, 2025) approved the appointment of Kanungo with immediate effect, underscoring its strong confidence in his leadership, independence and deep regulatory and institutional expertise, IIFL Finance said in a regulatory filing on Friday (December 20, 2025).
Kanungo has over four decades of experience in central banking, monetary policy and financial regulation.
He served as the Deputy Governor of the Reserve Bank of India from 2017 to 2021 and was a member of the Monetary Policy Committee (MPC).
Mr. Kanungo currently serves as a Non-Executive Independent Director on the Board of IIFL Finance Limited.
IIFL Finance Managing Director Nirmal Jain said that as Chairman, Mr Kanungo will lead the Board in setting strategic direction, enhancing governance standards and protecting the interests of shareholders, customers, regulators and other stakeholders.
The filing further said that the company had received a notice dated October 6, 2025, under Section 158BC of the Income Tax Act, 1961, requiring it to file a return of income in Form ITR-B for the block period from April 1, 2018 to February 3, 2025, in respect of the income required to be reported as per Income Tax Search.
In compliance with the said notice, the Company filed its return of income in Form ITR-B, and paid tax amounting to ₹1.47 crore at the applicable rate.
It said there has been no material impact on the company’s financial, operational or other activities.
The board also approved increasing the borrowing limit and creation of security over company assets from ₹35,000 crore to ₹60,000 crore, subject to shareholders’ approval.
published – December 20, 2025 10:53 PM IST
