Narayanan Vaghul cremated in Chennai: Legacy of ‘Bhishma Pitamaha’ of banking in India

Tributes pour in for Narayanan Vaghul, the 'Bhishma Pitamaha' of Indian banking who is known for transforming ICICI Bank.

Updated on: May 19, 2024, 16:57:02 IST

By HT News Desk

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Veteran banker and Padma Bhushan recipient Narayanan Vaghul, who passed away on Saturday, was cremated in the city on Sunday, family sources said, PTI reported.

Former chairman of ICICI bank Narayanan Vaghul passed away at the age of 88. (PTI Photo/Kunal Patil)

Vaghul (88) died due to health issues. He is survived by his wife Padma, son Mohan and daughter Sudha.

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Who is Narayanan Vaghul: A pioneering banker

•Narayanan Vaghul served as chairman and CEO of ICICI Bank Limited for 24 years, transforming it into India's second-largest commercial bank and pioneering the Universal Banking Model in India.

• He established India's first venture capital company, which has grown to be an industry leader.

• Vaghul was instrumental in founding ICICI Securities, an investment banking firm, and CRISIL, India's first credit rating agency, serving as its founding chairman for nearly a decade.

• Vaghul received numerous accolades, including Businessman of the Year by Business India (1992), Lifetime Achievement Awards from Economic Times (2006), Ernst & Young (2009), and the Bombay Management Association (2013). He was also honored for his contributions to corporate governance by the Institute of Company Secretaries.

• In 2009, the government awarded Narayanan Vaghul the Padma Bhushan for his significant contributions to Indian banking and corporate governance.

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Leaders mourn veteran banker Narayanan Vaghul

Union finance minister Nirmala Sitharaman, RBI governor Shaktikanta Das, and Mahindra group chairman Anand Mahindra condoled the demise of veteran banker Narayanan Vaghul, also known as the“Bhishma Pitamaha” of banking in India.

Senior Congress leader P Chidambaram mourned Vaghul's passing, crediting him with mentoring many legendary women bankers.

"He was a legendary banker who turned ICICI into a financial powerhouse. He spotted talent, mentored, promoted, and entrusted them with high responsibilities. Many of them, especially women, became legendary bankers themselves," Chidambaram said in a social media post. "May his example guide the banking industry and may his soul rest in peace."

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Industry leaders, including Piramal Group chairman Ajay Piramal, Asian Paints chairman R Seshasayee and ICICI Bank MD and CEO Sandeep Bakshi, paid their last respects at Vaghul's residence.

Former Axis Bank MD and CEO Shikha Sharma, Cognizant co-founder Lakshmi Narayanan, TAFE chairperson Mallika Srinivasan, and L&T CMD S.N. Subrahmanyan also paid their respects to the late veteran.

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HT News Desk
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