Narayanan Vaghul, the banker who construct ICICI, died on May 18 at the age of 88 in Chennai.
He was on the ventilator for the final two days at Apollo Hospital in Chennai, in important situation. He was admitted to hospital after he fell and was unconscious, The Economic (*88*) reported quoting his household.
A profession banker who began his journey with the State Bank of India, turned the youngest chairman of a state-run lender – Bank of India – at 44. He was requested to go ICICI Bank through the Rajiv Gandhi administration.
Vaghul can also be a recipient of Padma Bhushan in 2010, within the Trade and Industry class. In 2023, Narayanan Vaghul had launched his memoir, known as ‘Reflections’ which carried a vivid account of his experiences spanning a number of a long time in India’s monetary sector.
A instructor and public sector banker, Vaghul took the reins of the then Industrial Credit and Investment Corporation of India (ICICI), now ICICI Bank, as its MD & CEO within the mid-80s. He performed a key position in scaling up the developmental monetary establishment.
The growth finance establishment then was became ICICI Bank, beneath his stewardship.
After stepping down as MD & CEO in 1996, Vaghul presided over the board as non-executive chairman till 2009. In truth, he groomed Ok V Kamath as the subsequent CEO and additionally guided the financial institution until 2009. That was when Kamath relinquished his govt place and turned chairman.
Vaghul inspired a gender-neutral meritocracy at ICICI Bank, which noticed the emergence of many ladies leaders within the senior administration crew. Kalpana Morparia, who was joint MD at ICICI Bank, went on to turn into the chairperson of JP Morgan South and Southeast Asia. Lalita Gupte, who retired from ICICI Bank as a Joint Managing Director, discovered a seat on the worldwide boards of Nokia and Alstom. Shikha Sharma , who headed the financial institution’s life insurance coverage subsidiary, turned the MD& CEO of Axis Bank. Similarly, Renuka Ramnath, who served at ICICI Ventures, is now the founder, MD, and CEO of personal fairness agency Multiples Alternate Asset Management.
Vaghul’s demise was mourned by business leaders who hailed the contribution of the ‘Titan of Indian Finance’.
“Today, I grieve for the Bhishma Pitamah of Indian Banking — Mr. N.Vaghul, who handed away this morning. I grieve not only for a Titan of Indian Business, however for one of probably the most inspiring & beneficiant folks I’ve ever had the nice fortune to come across..” Anand Mahindra, Chairman of Mahindra Group wrote on X (formally Twitter).
Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited, remembered her biggest mentor in a put up on X.
“Very unhappy to listen to concerning the demise of Shri N.Vaghul.A visionary.Made big contribution to India’s monetary sector,” wrote Shaktikanta Das, RBI Governor.
“My deepest condolences on the passing of Narayanan Vaghul, former Chairman of ICICI. He was a pal & an establishment whose legacy will endure. My ideas are together with his household & family members throughout this tough time,” wrote Milind Deora, Shiv Sena MP.
