Narayanan Vaghul, Renowned Banker, Passes Away at 88 Years Old

It's with great sadness that we share the news of Narayanan Vaghul's passing at the age of 88. He was a renowned banker who left an indelible mark on the financial industry.

Narayanan Vaghul was a highly respected figure in the banking world, known for his exceptional leadership skills and business acumen. His legacy will continue to inspire future generations of bankers and entrepreneurs.

His contributions to the banking industry were immense, and he played a key role in shaping the financial landscape of India.

Narayanan Vaghul was born in 1936 in Madras, which is now known as Chennai, in then British India.

He was second in a family of eight children.

Vaghul studied at the Ramakrishna Mission School.

He graduated from Loyola College, Madras University in 1956 with a Bachelor of Commerce degree with honours.

He had initially wanted to pursue a career in the Indian civil services, but missed the application due to an age cutoff.

Narayanan Vaghul's career was marked by his time at the State Bank of India, where he was mentored by R. K. Talwar.

He later moved to the National Institute of Bank Management and became its director before joining Central Bank of India in 1978.

Vaghul was appointed chairman and managing director of Bank of India in 1981 and led the Industrial Credit and Investment Corporation of India's transformation into ICICI Bank in 1985.

He remained non-executive chairman of ICICI until 2009 and was also a director on the boards of several companies, including Wipro Technologies and Mahindra & Mahindra.

Vaghul was awarded the Padma Bhushan, India's third highest civilian honour, in the trade and industry category in 2010.

He was also the chairman of Mahindra World City, Chennai, and the first chairman of financial services company CRISIL.

Here are some notable positions held by Narayanan Vaghul:

Vaghul's legacy extends beyond his professional accomplishments, as he was also involved in philanthropic causes and was awarded the Corporate Catalyst—Forbes Philanthropy award in 2012.

Narayanan Vaghul passed away on May 18 at the age of 88.

Veteran banker Narayanan Vaghul was cremated in Chennai on Sunday, with industry leaders paying their last respects.

Narayanan Vaghul, the legendary banker, passed away at the age of 88.

He was the former head of ICICI and is remembered for his significant contributions to the banking sector, particularly in mentoring many successful women bankers.

Vaghul is credited with laying the foundation of a new era in Indian banking through the creation of the Universal Banking model.

He introduced the concept of credit rating in India and established CRISIL in 1987, a pioneering financial institution.

Industry leaders including Ajay Piramal and R Seshasayee paid their respects to Vaghul at his cremation in Chennai.

Vaghul was awarded the Padma Bhushan in 2010 for his contribution to the banking and economy sector of India.

He also received The Economic Times Lifetime Achievement Award in 2006.

Vaghul's legacy extends beyond ICICI, as he mentored numerous professionals who dominated the banking landscape for decades, including K.V. Kamath, Kalpana Morparia, and Shikha Sharma.

He brought about a significant change in the banking sector by promoting gender-neutral hiring at ICICI, a practice that was later adopted by the banking sector and corporate sector in general.

Narayanan Vaghul, the Indian banker, is in critical condition and on a ventilator. He was the youngest chairman of Bank of India at 44.

Vaghul is credited with building ICICI Bank. He played a crucial role in the return of KV Kamath to India from the Asian Development Bank in the mid-1990s.

As a recipient of the Padma Bhushan in 2010, Vaghul has received a prestigious honor.