Kritika Gaur Remembering Narayanan Vaghul, the renowned banker and architect of ICICI Bank who passed away at the age of 88. Learn more about his contributions to the banking industry.
Narayanan Vaghul, the man who helped create ICICI Bank, passed away on May 18 at the age of 88 in Chennai.
He had been on a ventilator for the last two days at Apollo Hospital in Chennai, in critical condition. He was taken to the hospital after falling and losing consciousness, according to The Economic Times.
His Career Showcased
Starting his career at the State Bank of India, Vaghul became the youngest chairman of a state-run bank, Bank of India, at just 44 years old. He was later chosen to lead ICICI Bank during the time of Rajiv Gandhi.
Vaghul was honored with the Padma Bhushan award in 2010 for his contributions to trade and industry. In 2023, he released a book called ‘Reflections’ which shared his experiences in India’s financial sector over many years.
As a teacher and banker, Vaghul became the Managing Director and CEO of ICICI Bank in the 1980s. He played a crucial role in growing the bank from a developmental financial institution to the successful bank it is today.
His Contributions Towards ICICI
The development finance institution was transformed into ICICI Bank by Vaghul. He led the bank as MD & CEO until 1996, then continued as non-executive chairman until 2009. Vaghul mentored K V Kamath to take over as CEO, and later as chairman. He promoted equality at ICICI Bank, leading to more women in leadership roles. For example, Kalpana Morparia became chairperson of JP Morgan South and Southeast Asia, Lalita Gupte joined global boards of Nokia and Alstom, Shikha Sharma became MD & CEO of Axis Bank, and Renuka Ramnath founded Multiples Alternate Asset Management.
