Chennai bid farewell to Narayanan Vaghul, also known as the ‘Bhishma Pitamah’ of banking in India, who was cremated there. His extraordinary legacy will be remembered for years to come.
The family of Padma Bhushan awardee and respected banker, Narayanan Vaghul, on Sunday performed his last rites in the city as he passed away on Saturday, PTI sources said.
Vaghul (88) died due to health issues. He is survived by his wife Padma, son Mohan and daughter Sudha.
Who is Narayanan Vaghul: A Pioneering Banker
Narayanan Vaghul has distinguished himself in the field of banking, earning his place among the pioneer bankers.
For a total of 24 years, ICICI Bank Limited was headed by Narayanan Vaghul, who impressively made the bank the second largest bank in India and also pioneered the concept of universal banking. Moreover, not stopping there, Vaghul founded a notable venture capital firm that is at the forefront of the industry.
Vaghul was instrumental in launching ICICI Securities, which offered investment banking services, as well as CRISIL, the country’s first credit rating agency, where he served as its first chairman for nearly ten years.
Vaghul has received various accolades throughout his career including Businessman of the Year from Business India (1992), Economic Times (2006), Ernst & Young (2009), and Lifetime Achievement Awards from the Bombay Management Association (2013). Additionally, the Institute of Company Secretaries recognized his achievements in enhancing corporate governance.
In 2009, the government awarded Narayanan Vaghul the Padma Bhushan for his significant contributions to Indian banking and corporate governance.
Leaders mourn veteran Banker Narayanan Vaghul
Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das and Mahindra Group Chairman Anand Mahindra have condoled the demise of Narayanan Vaghul, nicknamed “Bhishma Pitamah” in the Indian banking industry.
The veteran politician P Chidambaram expressed his condolences over Vaghul’s death, acknowledging him as the guide and support for numerous extraordinary female bankers.
According to Chidambaram’s recent social media post, the eminent banker transformed ICICI into a financial powerhouse by identifying talented individuals, investing in them and giving them key responsibilities. Due to his guidance, many of these individuals – especially women – have made great strides in the banking industry. Chidambaram follows the lesson to be learned from Divyanga and offers his respectful condolences.
At Vaghul’s home, dignitaries from various fields such as Ajay Piramal of the Piramal Group and R Seshashayi of Asian Paints were present to bid him farewell. Among the VIPs present was Sandeep Bakshi, MD & CEO, ICICI Bank.
Shikha Sharma – Former MD & CEO of Axis Bank, Lakshmi Narayanan – Co-Founder of Cognizant, Mallika Srinivasan – TAFE Chairperson and S.N. Along with this, other dignitaries honored the late seniors. Subrahmanyan – CMD of L&T.
Read more at: Narayanan Vaghul cremated in Chennai, industry doyens pay last respects to veteran banker
