Padma Bhushan awardee banker Narayanan Vaghul, passes away at 88
Narayanan Vaghul, a transformative figure of Indian banking and former Chairperson of ICICI Bank, passed away at the age of 88 in Chennai. Vaghul, often referred to as the father of modern Indian banking, played a pivotal role in establishing ICICI Bank. His career began at a regional branch of the State Bank of India (SBI) in Chennai, and quickly escalated to its central office in Mumbai.
Vaghul's remarkable career and leadership at ICICI Bank
Vaghul's career took a leap during his tenure at the National Institute of Bank Management (NIBM), where he was appointed director in two years. By the age of 39, he had become the Executive Director of the Central Bank of India. At 44, he made history by becoming the youngest Chairman and Managing Director of Bank of India in 1981. In 1985, Vaghul assumed leadership at ICICI Bank Limited, marking a transformative period in his career.
Shaping leaders and philanthropic endeavors
During his 24-year stint at ICICI, Vaghul was known for his visionary leadership and mentorship. He shaped future leaders such as K V Kamath, who succeeded him as chairperson in 2009, and other prominent figures like Kalpana Morparia and Shikha Sharma. Beyond banking, he was deeply involved in philanthropy, supporting many charitable organizations including Pratham, GiveIndia, and the Azim Premji Foundation. These organizations focus on education, health, and livelihood.
Vaghul's humble beginnings and national recognition
In an interview with Forbes, Vaghul reflected on his humble beginnings, saying, "I was in a family of 16 people. And it was quite normal for someone or the other to go hungry... I think I looked at society, and maybe even the country, as a reflection of my own family." In 2010, the Indian government recognized his contributions to trade and industry by awarding him Padma Bhushan. His legacy as a pioneering banker and philanthropist continues to live on.
