B P Kanungo Takes the Helm: IIFL Finance's New Era of Leadership

IIFL Finance has appointed former RBI Deputy Governor B P Kanungo as its non-executive chairman. With extensive experience in central banking, Kanungo will lead in strategic direction and governance. The firm also reported compliance with tax filings and plans to raise borrowing limits pending shareholder approval.

IIFL Finance, an NBFC firm, has appointed B P Kanungo, a former RBI Deputy Governor, as the non-executive chairman of its board. This decision, approved at a recent board meeting, reflects the company's confidence in his leadership and expertise.

Kanungo, boasting over four decades in central banking and financial regulation, will guide the board in strategic direction and governance standards, as per IIFL Finance MD Nirmal Jain. Kanungo's background includes a term as RBI Deputy Governor and membership in the Monetary Policy Committee.

The company also disclosed compliance with an Income Tax Act notice, filing a return and paying Rs 1.47 crore in taxes. Additionally, the board intends to increase its borrowing limit to Rs 60,000 crore, subject to shareholder consent.

(With inputs from agencies.)