Narayanan Vaghul, Ex-ICICI Chairman And Indian Banking Stalwart Passes Away At 88

Narayanan Vaghul, Ex-ICICI Chairman And Indian Banking Stalwart Passes Away At 88

He was on ventilator for the past two days and was admitted to the hospital after suffering a fall that rendered him unconscious.

Oliviya KunjumonUpdated: Saturday, May 18, 2024, 03:45 PM IST
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Narayanan Vaghul |

Renowned Indian Banking Stalwart, Narayanan Vaghul, who played a key role in establishing ICICI as a leading financial conglomerate, has passed away at the age of 88 at Apollo Hospitals in Chennai.

He was on ventilator for the past two days and was admitted to the hospital after suffering a fall that rendered him unconscious, according to reports.

Anand Mahindra, the chairman of Mahindra, expressed his deepest condolences, on the social media platform X, formerly Twitter, wrote, "Today, I grieve for the Bhishma Pitamah of Indian Banking—Mr. N.Vaghul, who passed away this morning."

"I grieve not just for a Titan of Indian Business, but for one of the most inspiring & generous people I have ever had the good fortune to encounter," he added.

Kiran Mazumdar-Shaw, Executive Chairperson of Biocon Limited, "My greatest mentor breathed his last. I was blessed to know him as my mentor and friend. RIP Mr Vaghul - your legend lives on for posterity. Om Shanthi."

Who Was Narayanan Vaghul?

In the world of finance, Narayanan Vaghul, a Padma Bhushan Awardee, has started his banking journey from the State Bank of India to the Bank of India, becoming the youngest chairman of the bank at the tender age of 44, when he took the charge of Bank of India in 1981.

From the State Bank of India, he later moved to Central Bank of India as an executive director at the age of 39.

His prowess caught the eye of then-Prime Minister Rajiv Gandhi, who brought him into the fold of ICICI, recognising his talents.

Meanwhile Vaghul's banking journey was not easy as challenges emerged when Bal Thackeray's Shiv Sena raised objections to South Indians holding top positions in SBI.

Undeterred, Vaghul transitioned into academia and assumed a teaching position at the National Institute of Bank Management, quickly ascending to the role of Director while still in his mid-30s.

In 2023, Vaghul penned his memoir, 'Reflections,' offering an account of his experiences spanning decades in India's financial sector.

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