IIFL Finance appoints ex-RBI Deputy Governor B. P. Kanungo as Chairman

Bibhu Prasad (B. P.) Kanungo has also been made the non-executive chairman of IIFL Finance, a former Deputy Governor of the RESERVE Bank of India, and has over many decades of financial experience under his belt. His appointment was unanimously decided among the board members of the company through the acceptance of the board to his appointment with immunity, as he had extensive experience in monetary policy, central banking, and financial regulation. Kanungo was the Deputy Governor at RBI from 2017 through to 2021 and a Monetary Policy Committee member in the process. His new position will require him to be at the forefront of the board in terms of establishing strategic direction, improving the standards of governance, and protecting the interests of the stakeholders

Professional Background of B.P. Kanungo

• B. P. Kanungo served as a former deputy governor of the Reserve Bank of India which was during 2017 to 2021.

• He himself has more than forty years of experience in financial regulation and central banking.

• In RBI, he was in charge of currency management, foreign exchange, payment and settlement system and debt management.

• His term in government was as a Member of the Monetary Policy Committee.

• Kanungo was an influential Regional Director and Banking Ombudsman in several states.

• He was a major board member in big institutions such as state sector banks and NABARD since he represented the RBI.

• He also worked as a financial researcher and policy maker once he retired at RBI.

Highlights of IIFL Finance

• The largest Indian NBFC that provides home, gold, MSME, business, and microfinance loans.

• Good geographical coverage, having 2,600 plus branches in 500 plus cities.

• Diversified and large assets under management of over 90000 crore.

• Emphasise digital innovation and financial solutions that rely on technology.

• Will to ethical governance, openness, and service-focused to the customers.

Conclusion 

The leadership and the governance structure of the company are reinforced by the appointment of the former RBI Deputy Governor B. P. Kanungo as the Chairman of IIFL Finance. This vast central bank and financial regulation experience will have the potential to broaden the strategic oversight, enhance the regulatory compliance, and contribute to the long-term stability and expansion of IIFL Finance.