Renowned Indian Banker Narayanan Vaghul Passes Away at 88

Renowned Indian banker Narayanan Vaghul, aged 88, passed away today in Chennai at Apollo Hospital after being admitted due to age-related ailments. His illustrious career spanned across various esteemed financial institutions in India.

Born in Chennai in 1936, Vaghul began his journey at State Bank of India (SBI) and then took the helm at Bank of India before shaping the trajectory of ICICI Bank, where he introduced pioneering concepts to the Indian financial sector.

Acknowledged by the Reserve Bank of India Governor Shaktikanta Das as a visionary, Vaghul’s strategic decisions at ICICI Bank influenced a generation of financial leaders.

Under his leadership, ICICI Bank diversified into venture capital through TDICI and established ICICI Securities, showcasing Vaghul’s innovative approach to financial services.

KV Kamath, a luminary in the Indian banking sector, credits Vaghul as a mentor and innovative thinker, highlighting the supportive environment Vaghul fostered at ICICI.

V Vaidyanathan, MD & CEO of IDFC First Bank, lauds Vaghul’s unique blend of wisdom and simplicity, underscoring his irreplaceable nature within the industry.

Recognized for his commitment to gender-neutral hiring, Vaghul paved the way for women leaders in banking, spawning a legacy of female CEOs across prominent institutions like ICICI Group.

Pradip Shah, founder of CRISIL, commends Vaghul’s vision, noting his fearless approach to institutional development and financial sector reform.

Vaghul’s impact on Indian banking extended beyond ICICI Bank, with his strategic insights influencing the landscape of financial conglomerates post-liberalization.

Recipient of the Padma Bhushan in 2010, Vaghul advocated for institutional ownership of banks, emphasizing the need to learn from past mistakes in financial governance.

Outside the financial realm, Vaghul’s holistic approach to life encompassed engagements with educational institutions and a dedication to philanthropic causes.

His legacy transcends his banking career, resonating through institutions like Wipro, Mahindra & Mahindra, and Apollo Hospitals Enterprise, where Vaghul served as a director.