Former RBI Deputy Governor B.P. Kanungo Joins IIFL Finance Board

17 Jun 2025 CW Team

With nearly four decades of distinguished service at the RBI, Shri Kanungo brings extensive experience across core areas of central banking, including currency management, foreign exchange regulation, payment and settlement systems, debt and reserve management, financial inclusion, IT governance, and consumer protection.

During his tenure as Deputy Governor of the RBI from 2017 to 2021, he served on the Monetary Policy Committee and played a key role in shaping India’s evolving monetary policy and regulatory architecture. He also held leadership positions as Regional Director of the RBI in states such as Rajasthan, West Bengal, Sikkim, Madhya Pradesh, and Chhattisgarh, and previously served as the Banking Ombudsman.

In his regulatory career, Shri Kanungo represented the RBI as Nominee Director on the boards of Punjab National Bank, Punjab and Sind Bank, National Housing Bank, and NABARD. He also contributed internationally as a member of key BIS committees, including the Markets Committee and the Committee for Financial Stability. Domestically, he chaired the Bharatiya Reserve Bank Note Mudran Nigam and led the RBI’s committee to review customer service standards across regulated entities.

Following his retirement from the RBI, he served as a Director at the Centre for Advanced Financial Research and Learning (CAFRAL), an institution supported by the RBI to advance leadership development and macro-financial research.

Shri B.P. Kanungo said:

“I am delighted to join the Board of IIFL Finance, an institution committed to financial inclusion and last-mile credit delivery to underbanked customers across the country through its vast branch network and dedicated employees. I look forward to working closely with the leadership team to strengthen governance and compliance frameworks, enhance risk management, and support IIFL’s larger mission of making technology-driven financial solutions accessible to underserved communities.”

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. As we pursue our goal of governance-first and inclusive finance, his guidance will further strengthen our institutional integrity, regulatory alignment, and long-term mission of delivering credit to India’s unbanked and underbanked communities.”

The appointment reinforces IIFL Finance’s commitment to robust governance, regulatory alignment, and inclusive financial services delivery across India.

IIFL Finance Ltd, one of India’s leading retail-focused non-banking financial companies (NBFCs), has announced the appointment of Shri B.P. Kanungo, former Deputy Governor of the Reserve Bank of India (RBI), as an Independent Director on its Board. With nearly four decades of distinguished service at the RBI, Shri Kanungo brings extensive experience across core areas of central banking, including currency management, foreign exchange regulation, payment and settlement systems, debt and reserve management, financial inclusion, IT governance, and consumer protection. During his tenure as Deputy Governor of the RBI from 2017 to 2021, he served on the Monetary Policy Committee and played a key role in shaping India’s evolving monetary policy and regulatory architecture. He also held leadership positions as Regional Director of the RBI in states such as Rajasthan, West Bengal, Sikkim, Madhya Pradesh, and Chhattisgarh, and previously served as the Banking Ombudsman. In his regulatory career, Shri Kanungo represented the RBI as Nominee Director on the boards of Punjab National Bank, Punjab and Sind Bank, National Housing Bank, and NABARD. He also contributed internationally as a member of key BIS committees, including the Markets Committee and the Committee for Financial Stability. Domestically, he chaired the Bharatiya Reserve Bank Note Mudran Nigam and led the RBI’s committee to review customer service standards across regulated entities. Following his retirement from the RBI, he served as a Director at the Centre for Advanced Financial Research and Learning (CAFRAL), an institution supported by the RBI to advance leadership development and macro-financial research. Shri B.P. Kanungo said: “I am delighted to join the Board of IIFL Finance, an institution committed to financial inclusion and last-mile credit delivery to underbanked customers across the country through its vast branch network and dedicated employees. I look forward to working closely with the leadership team to strengthen governance and compliance frameworks, enhance risk management, and support IIFL’s larger mission of making technology-driven financial solutions accessible to underserved communities.” 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. As we pursue our goal of governance-first and inclusive finance, his guidance will further strengthen our institutional integrity, regulatory alignment, and long-term mission of delivering credit to India’s unbanked and underbanked communities.” The appointment reinforces IIFL Finance’s commitment to robust governance, regulatory alignment, and inclusive financial services delivery across India.

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