Former NABARD Chairman Dr. Govinda Rajulu Chintala Joins IIFL Samasta Finance as Chairman of Board
April 29, 2024 Mumbai, Maharashtra, India
IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), today said that Former Chairman of NABARD, Dr. Govinda Rajulu Chintala has joined as independent director and Chairman of the Board at IIFL Samasta Finance. The microfinance company also announced the appointment of three other 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.
Besides Former Chairman of NABARD, Dr. Govinda Rajulu Chintala, Former Managing Director of Equifax Credit Information Services Mr. Kalengada Mandanna Nanaiah, Former President of Institute of Chartered Accountants of India (ICAI) Mr. Nihar N Jambusaria and Co-promoter of IIFL Group, Mr. R. Venkataraman have joined the board. Mr Venkataraman joined as an Additional Director (non-executive), while Dr. Chintala, Mr. Nanaiah and Mr. Jambusaria joined as Additional Director (non-executive and Independent). The Board will now comprise of seven 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 a 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. Nihar N Jambusaria is the Former President of Institute of Chartered Accountants of India, a distinguished chartered accountant and corporate leader. He qualified as a chartered accountant in 1984 and has been providing consultancy to Reliance Group and organizations of private and public sector in direct tax, international tax, mergers and acquisition, FEMA, restructuring of business, etc. He is a Senior Partner at NN Jambusaria and Company.
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, Mr. Nihar N Jambusaria 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.”
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.
IIFL Samasta Finance Ltd also reported record net profit of Rs 503.05 crore for the financial year 2023-2024, while loan assets under management rose 34.70% year-on-year to a record Rs 14,211.28 crore. IIFL Samasta Finance’s customer count has increased 25.5% in FY24 to over 30 lac customers, mostly women in smaller rural and semi-urban locations across India. IIFL Samasta Finance, which is a subsidiary of retail-focussed non-banking financial company, IIFL Finance, has been one of the fastest growing and most resilient microfinance institutions in India. IIFL Samasta’s net non-performing assets (NNPA) stood at 0.34% at the end of FY24, while gross NPA was at 1.91%. The company’s net worth rose 51% year-on-year to Rs 1,919.99 crore.
