Fairfax and Capital Group-backed non-banking finance company IIFL Finance appointed former State Bank of India boss Arun Purwar as Chairman of its board effective from April 1. The appointment was approved by the board of directors.
Nirmal Jain, Founder and CEO of IIFL Finance, said, “Purwar has also been associated with us for a very long time as a director on the board. He has provided us with invaluable guidance in enabling us to maintain best risk control, compliance and corporate governance practices. He will help IIFL Finance scale greater peaks in the future”.
Purwar is a veteran banker and was Chairman of the country’s largest bank - State Bank of India from November 2002 to May 2006. He was credited with the core banking initiative and stepping up the bank’s focus on the retail segment. He played an important role in starting SBI’s life insurance company- SBI Life Insurance Company.
IIFL Finance has a loan book of about Rs 47,000 crore. It aims to double its loan book within three years. The company has one of the largest retail operations catering to over 60 lakh customers in smaller towns and cities. It has a branch network of 3000 spread across India and employing over 24000 people.
