Saddened by the passing of veteran banker Narayanan Vaghul, corporate India and policymakers poured in their tributes and hailed his contributions in modern banking sector of the country.
After starting his career as an officer with the State Bank of India, he became the youngest chairman of public sector lender Bank of India at 44 in 1981. The dynamic banker is credited with transforming Industrial Credit and Investment Corporation of India (ICICI) from a public financial institution to a private bank. After stepping down as Managing Director & Chief Executive Officer in 1996, Vaghul presided over the board as non-executive chairman till 2009 and groomed K V Kamath as the next CEO. “From the day he stepped down from his executive role he did not involve himself in any day-to-day matters. He was always supportive and encouraging of all the bold moves that we wanted to execute be it our foray into retail, the setting up of new businesses such as asset management, insurance and the merger of the parent and the bank,” Kamath told FE.
“He was always there for all of us at ICICI as a leader, a friend, philosopher and guide,” he added. During his decades-long professional journey, he groomed many talents who later headed banks and financial institutions. The long list of his proteges includes Chanda Kochhar, former MD & CEO, ICICI Bank; Shikha Sharma, former MD & CEO of Axis Bank; Kalpana Morparia, chairperson of JP Morgan South and Southeast Asia; Sandeep Bakshi, MD & CEO, ICICI Bank; Renuka Ramnath, MD & CEO of private equity firm Multiples Alternate Asset Management; and V Vaidyanathan, MD & CEO, IDFC First Bank. Recognising his immense contribution to the financial sector, the government conferred him Padma Bhushan in 2010 in the Trade and Industry category. His leadership imprint extended beyond the financial realm. He also served as a mentor to numerous leaders, including Anand Mahindra and Kiran Mazumdar-Shaw among others. “Today, I grieve for the Bhishma Pitamah of Indian Banking — N Vaghul, who passed away this morning,” wrote Anand Mahindra on X.
“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. “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,” said Kiran Mazumdar-Shaw, executive chairperson of Biocon.