IIFL Finance appoints new chairperson, boosts borrowing limit to ₹60,000 crore

IIFL Finance Limited's board of directors, at its meeting on December 19, 2025, approved the designation of Bibhu Prasad Kanungo as the non-executive independent chairperson of the board, effective immediately. Kanungo is a former deputy governor of the Reserve Bank of India with nearly four decades of experience in central banking.

The board also approved an enhancement in the company's borrowing limit and limit for the creation of security on its assets. Subject to shareholders' approval, this limit will increase from ₹35,000 crore to ₹60,000 crore, pursuant to Section 180 of the Companies Act, 2013.

In a separate update, IIFL Finance disclosed it had received an Income Tax Department notice dated October 6, 2025, following an earlier search. The company filed its return of income for the block period April 1, 2018, to February 3, 2025, declaring ₹2,35,87,000 as further income and paying tax of ₹1,47,18,288. The company stated this had no material impact on its financial, operational, or other activities.