The passing of veteran banker Narayanan Vaghul has left a deep void in the hearts of corporate India and policymakers, who have come forward to pay their respects and acknowledge his immense contributions to the modern banking sector of the country.
Vaghul, who began his career as an officer with the State Bank of India, went on to become the youngest chairman of public sector lender Bank of India at the age of 44 in 1981. He is widely credited with transforming the Industrial Credit and Investment Corporation of India (ICICI) from a public financial institution to a private bank. His leadership and vision paved the way for the growth and success of many financial institutions in the country.
Throughout his illustrious career, Vaghul mentored and groomed a generation of leaders who went on to head prominent banks and financial institutions. His proteges include names like Chanda Kochhar, Shikha Sharma, Kalpana Morparia, Sandeep Bakshi, Renuka Ramnath, and V Vaidyanathan, among others.
The government recognized Vaghul’s immense contribution to the financial sector by conferring him with the Padma Bhushan in 2010. His influence extended beyond the financial realm, as he also served as a mentor to leaders in various industries.
The news of Vaghul’s passing has left a profound impact on those who knew him personally. Anand Mahindra described him as the “Bhishma Pitamah of Indian Banking,” while Kiran Mazumdar-Shaw mourned the loss of her “greatest mentor.” The legacy of Narayanan Vaghul will continue to inspire and guide future generations in the banking and financial sector.