Kanungo brings with him nearly four decades of distinguished service at the RBI, marked by his deep expertise across key areas of central banking'spanning currency management, foreign exchange regulation, payment and settlement systems, debt and reserve management, IT governance, financial inclusion, and consumer protection.

As Deputy Governor of the RBI from 2017 to 2021, Shri Kanungo was a member of the Monetary Policy Committee and played a pivotal role in shaping India's modern monetary and regulatory landscape. Over the years, he also served as Regional Director of the RBI in multiple states including Rajasthan, West Bengal, Sikkim, Madhya Pradesh, and Chhattisgarh, and held the position of Banking Ombudsman.

Post his tenure at the RBI, Kanungo served as director at the Centre for Advanced Financial Research and Learning (CAFRAL)'an RBI-promoted institution dedicated to research in macroeconomics and finance and the leadership development of financial sector executives.

Nirmal Jain, founder of IIFL Group and managing director of IIFL Finance, said: 'We are honoured to welcome Shri B.P. Kanungo to our board.

His exceptional expertise in regulation, governance, and financial systems will add valuable depth to our board deliberations.'

IIFL Finance Limited, along with its subsidiaries IIFL Home Finance and IIFL Samasta Finance, is a leading retail-focused NBFC offering diversified loan products, including home, gold, MSME, microfinance, and capital market finance. The company has a network of 4,906 branches and a customer base of over 8 million.

The scrip rose 0.84% to currently trade at Rs 488.70 on the BSE.

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