Kanungo to chair IIFL Finance

IIFL Finance on Friday appointed former Reserve Bank of India Deputy Governor B P Kanungo as the non-executive chairman of its board, strengthening its leadership with a seasoned central banking and regulatory expert. The company said its board approved Kanungo’s appointment with immediate effect at a meeting held on Friday, signalling confidence in his leadership, independence, and deep regulatory and institutional expertise, according to a regulatory filing. Kanungo brings more than four decades of experience in central banking, monetary policy, and financial regulation. He served as Deputy Governor of the Reserve Bank of India from 2017 to 2021 and was also a member of the Monetary Policy Committee. He is currently a non-executive independent director on the board of IIFL Finance Ltd. “As chairman, Kanungo will lead the board in setting strategic direction, enhancing governance standards, and safeguarding the interests of shareholders, customers, regulators, and other stakeholders,” IIFL Finance Managing Director Nirmal Jain said. In the same filing, the company disclosed that it 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, following an income tax search. The company said it has complied with the notice by filing the return and paying tax at the applicable rate amounting to Rs 1.47 crore. It added that there is no material impact on its financial, operational, or other activities. Separately, the board also approved a proposal to enhance the borrowing limit and the limit for creation of security on the company’s assets from Rs 35,000 crore to Rs 60,000 crore, subject to shareholder approval.