The decision was approved unanimously by the board at its meeting on 19 December 2025. The company said the appointment reflects its focus on stronger governance and regulatory discipline.

Kanungo brings over four decades of experience in central banking and financial regulation. He served as RBI Deputy Governor from 2017 to 2021 and was a member of the Monetary Policy Committee during that period.

Earlier, he held several senior positions at the RBI, including Regional Director and Banking Ombudsman. He currently serves as a non executive independent director on the board of IIFL Finance.

IIFL Finance said Kanungo’s elevation is aligned with SEBI's listing regulations and its commitment to independent oversight. As chairperson, he will lead the board on strategy, governance and stakeholder interests.

IIFL Finance is one of India's leading retail-focused diversified NBFCs, engaged in the business of loans and mortgages through its subsidiaries, IIFL Home Finance and IIFL Samasta Finance. The company offers a wide spectrum of products including home loans, gold loans, business loans, microfinance, capital market finance, and developer & construction finance, serving over 8 million customers through a pan-India network of 4,900+ branches and digital channels.

The company reported a consolidated net profit of Rs 376.33 crore in Q2 FY26 compared with net loss of Rs 157.67 crore in Q2 FY25. Total income jumped 29.2% YoY to Rs 3,309.16 crore in Q2 FY26.

Shares of IIFL Finance rose 0.72% to settle at Rs 564.55 on Friday, 19 December 2025.