3 min readMumbaiUpdated: May 19, 2024 02:41 AM IST
Narayanan Vaghul, renowned banker and former Chairman of ICICI Bank, died on Saturday at the age of 88 in Chennai.
He is survived by his wife, daughter and son.
A Padma Bhushan awardee, Vaghul is considered as the ‘Bhishma Pitamah’ of banking in the country. The processes established by him went on to become strong and sustainable practices in the Indian financial ecosystem. He has been instrumental in mentoring several powerhouses of banking talent and actively groomed more women CEOs in banking.
He joined ICICI Limited as the Chairman and CEO in 1985. Under his leadership, ICICI transformed from a development bank to the second largest commercial bank of the country.
“A Dharma yogi, institution builder, Guru, visionary, author, philanthropist, and doyen of Indian industry. A legendary banker who transformed ICICI from a development bank to a universal banking group covering commercial banking, insurance, investment banking, mutual funds, and more. A visionary leader who was instrumental in setting up many pioneering financial institutions,” ICICI Bank said on X (formerly Twitter), while paying a tribute to its former chairman.
“A Guru who mentored generations of leaders across banks, corporates, and educational institutions. We, the ICICI family, will forever remain grateful to you, Sir,” the bank wrote on the microblogging site.
Vaghul laid the foundation for a new era in Indian banking through the universal banking model catering to the needs of the country.
“Very sad to hear about the demise of Shri N.Vaghul. A visionary. Made huge contribution to India’s financial sector. Every interaction with him was refreshing. May his soul rest in eternal peace. Om Shanti,” Reserve Bank of India Governor Shaktikanta Das wrote on X.
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Vaghul was born in 1936 in a large family in rural South India. Later, his family moved to Madras (now Chennai) where he did his schooling and obtained college education at the Loyola College.
He wanted to join civil service but later joined State Bank of India in 1955. It was there that he came in close contact with the noted banker R K Talwar, former Chairman of SBI, who played an important role in shaping him. He then joined the National Institute of Bank Management (NIBM) where he was later offered the post of Director.
At the age of 39, Vaghul was offered the position of Executive Director at the Central Bank of India. In 1981, he became the youngest Chairman of Bank of India at the age of 44.
It was Vaghul who introduced the concept of credit rating in the country and in 1987 established Crisil (Credit Rating Information Services of India Ltd). He was the recipient of many prestigious awards.
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He founded Pratham, one of the country’s largest NGOs working in primary education.
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