IIFL Samasta Finance Adds Three Members to the Board

IIFL Samasta Finance, which is 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 driving continued growth and innovation in the microfinance sector.

The three members include Co-promoter of IIFL Group, Mr. R. Venkataraman, Former Chairman of NABARD, Dr. Govinda Rajulu Chintala and Former Managing Director of Equifax Credit Information Services Mr. Kalengada Mandanna Nanaiah.  Mr Venkataraman joined as Additional Director(non-executive), while Dr. Chintala and Mr. Nanaiah joined as Additional Director (non-executive and Independent). The Board will now comprise of six members.

Commenting on his appointment Dr. Govinda Rajulu 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.”

Dr. Chintala has more than 20 years of experience as Director of Boards of various financial, Insurance and microfinance institutions. He was the Chairman, NABARD till 31st July 2022. As 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 computerization 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 Mr. Kalengada Mandanna Nanaiah said “I had the opportunity to work with 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 organization like IIFL Samasta and looking forward to, being able to contribute to the strategic vision and development of IIFL Samasta in the coming years.”

Mr. Nanaiah was the Managing Director, Equifax Credit Information Services Private Limited for over five years till July’23. He was responsible for providing leadership and oversight for the Credit Bureau in India. Nanaiah 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, Nanaiah has been recognized with awards for his dedication to fostering workplace diversity.

Mr 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, their investment banking joint venture with J P Morgan of US and Barclays –BZW. He worked with G E Capital Services India Limited in their private equity division.

Commenting on the appointments Mr. Venkatesh. N, Managing Director of IIFL Samasta said, “We are delighted to have Dr. G. R. Chintala, Mr. KM Nanaiah and Mr. 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 realizing our ambitious objectives,” remarked

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