IIFL Samasta Finance adds three members to its Board

IIFL Samasta Finance, one of India’s largest non-banking microfinance companies (NBFC-MFI), has announced the appointment of three members to its Board of Directors.

This strategic move reflects the company’s commitment to further strengthen its governance structure and drive continued growth and innovation in the microfinance sector.

The three members include the Co-promoter of IIFL Group, R. Venkataraman, former Chairman of NABARD, Dr. Govinda Rajulu Chintala, and former Managing Director of Equifax Credit Information Services, Kalengada Mandanna Nanaiah.

R. Venkataraman joined as an Additional Director (non-executive), while Govinda Chintala and Kalengada Nanaiah joined as Additional Directors (non-executive and independent). The Board will now consist of six members.

Commenting on his appointments, Govinda Chintala said, “I am glad to join this exceptional team as we celebrate our company’s impressive financial year results. Looking forward to contributing to our continued success.”

Govinda Chintala has more than 20 years of experience as Director of Boards of various financial, insurance, and microfinance institutions.

He was the Chairman of NABARD till July 31, 2022. As the Chairman, he spearheaded pivotal initiatives including the sanctioning of landmark projects and forging strategic partnerships.

These endeavours encompassed the establishment of the Long-term Irrigation Fund and Rural Infrastructure Development Fund (RIDF), support for infrastructure projects, assistance for computerisation of Primary Agricultural Credit Societies (PACS), implementation of Special Packages, and facilitation of healthcare infrastructure under RIDF/NIDA.

Additionally, he played a key role in providing Rural Infrastructure Assistance to States (RIAS).

Commenting on his appointment, Kalengada Nanaiah said, “I had the opportunity to work with the microfinance industry during my tenure as CEO of Equifax India and I understand the needs and challenges of the industry. I am pleased to be joining the Board of a rapidly growing organisation like IIFL Samasta and I look forward to contributing to the strategic vision and development of IIFL Samasta in the coming years.”

Kalengada Nanaiah was the Managing Director of Equifax Credit Information Services Private Limited for over five years till July 2023.

He was responsible for providing leadership and oversight for the credit bureau in India. He has extensive experience, expertise, and insight in the financial services sector, particularly in the realms of data, technology, and analytics.

Additionally, he serves as a visiting faculty at the College of Supervisors, Reserve Bank of India. With a deep commitment to microfinance, Kalengada Nanaiah has been recognised with awards for his dedication to fostering workplace diversity.

R. Venkataraman is the Co-promoter of IIFL Group and Chairman of IIFL Securities. He has been contributing immensely to the establishment of various businesses and spearheading key initiatives of the IIFL Group over the past 25 years.

He previously held senior managerial positions in ICICI Limited, including ICICI Securities Limited, the investment banking joint venture with J.P. Morgan of the US and Barclays –BZW. He also worked with GE Capital Services India Limited in its private equity division.

Commenting on the appointments, Venkatesh N., Managing Director of IIFL Samasta, said, “We are delighted to have G.R. Chintala, K.M. Nanaiah, and R. Venkataraman as our esteemed members of the Board of Directors. Their wealth of knowledge and insights will be instrumental in propelling our ongoing pursuit of innovation, delivering unparalleled value to our customers, and realising our ambitious objectives.”

The newly appointed members bring a wealth of experience and expertise to the board, enhancing IIFL Samasta’s ability to navigate challenges and capitalie on emerging opportunities.

Their diverse backgrounds and proven records of success will complement the existing Board members’ skills and contribute to the company’s strategic vision and long-term success.