Narayanan Vaghul, a renowned figure in the banking world and former Chairman of ICICI Bank, passed away on Saturday at Apollo Hospital in Chennai. He was 88 years old. As per the sources familiar with the situation, Vaghul had been unconscious and in critical condition for the past two days following a fall at his residence.
In a statement released by his family, it was announced that Vaghul is survived by his wife, daughter, son, and their families. The family expressed their deep sorrow at his passing and invited friends and admirers to pay their respects at his residence from 5-8 PM this evening at Mezzanine Hall, Bonaventura Apartments, South Canal Bank Road, Chennai.
Throughout his illustrious career, Vaghul played a crucial role in shaping the landscape of Bharatiya banking. He was instrumental in transforming ICICI Bank from a fledgling financial institution into a fully-fledged bank.
Many senior executives at ICICI Bank, including prominent figures like KV Kamath, were mentored by Vaghul during his tenure.
Noting, Vaghul holds the distinction of being the youngest head of a public sector bank, having assumed the role of Chairman of the Bank of Bharat at the age of 45 in 1981. His association with ICICI spanned 24 years, during which he served as Chairman and CEO from 1985 until 2009.
Vaghul’s contributions to the banking sector were widely recognized, culminating in the prestigious Padma Bhushan award in 2010 in the Trade and Industry category.
Views on Corporate Entry into Banking
Vaghul was known for his strong stance against the entry of large corporations into banking. In a statement to reporters in 2023, he asserted that India would not permit large corporates to establish banks, citing the lessons learned from past experiences.
He emphasized the significance of maintaining professional standards in banking and cautioned against the risks associated with corporate ownership of banks. Vaghul believed that the future of banking lay in digitalization and predicted the possibility of legacy banks being unbundled in the next decade.
ALSO READ: “Bharat Acknowledged as the World’s Fastest-Growing Economy: Nirmala Sitharaman”
Vaghul’s legacy in Bharatiya banking extends beyond his tenure at ICICI. He pioneered the universal banking model, which revolutionized the banking industry and laid the foundation for a new era of banking in Bharat.
In addition, Vaghul played a key role in the establishment of ICICI Securities, an investment banking company, and was instrumental in introducing the concept of credit rating in Bharat through CRISIL, where he served as Founder Chairman for nearly a decade.
Throughout his career, Vaghul received numerous awards and accolades, including being named Businessman of the Year by Business India in 1992 and receiving Lifetime Achievement Awards from Economic Times, Ernst & Young, and the Bombay Management Association.
The passing of Narayanan Vaghul marks the end of an era in Bharatiya banking, leaving behind a legacy of innovation, leadership, and unwavering commitment to excellence.
Comments