Renowned Indian Banker And Former ICICI Chairman Narayan Vaghul Passes Away At 88

Image Credit: @anandmahindra/X

New Delhi: The renowned Indian banker and former chairman of ICICI Bank, Narayan Vaghul passed away on Saturday as announced by his family at 88 years old. Narayan Vaghul had been on a ventilator for the past two days at Apollo Hospital in Chennai, in critical condition. He was admitted after a fall left him unconscious, according to his family, The Economic Times reported.

Narayan Vaghul began his career with the State Bank of India and became the youngest chairman of the state-run Bank of India at the age of 44. Later, during the Rajiv Gandhi Administration he was appointed to lead ICICI Bank.

Vaghul spent a few years at the National Institute of Bank Management after spending almost 19 years at SBI. He then became an executive director at the Central Bank of India. In 1985, he joined the development bank ICICI Ltd. Vaghul stepped down from his executive role in 1996 when K.V. Kamath rejoined ICICI.

During his tenure, Vaghul mentored many senior executives including K.V. Kamath who succeeded him and carried on his legacy. ()

Union Finance Minister Nirmala Sitharaman shared photos from the launch of Vaghul's memoir in 2023 on X (formerly Twitter). She wrote,"Shri N. Vaghul, an eminent banker, team builder, mentor for many in the financial world and an exemplary leader of the banking sector is no more. Condolences to his family and friends." ()

Shri N. Vaghul, an eminent banker, team builder, mentor for many in the financial world and an exemplary leader of the banking sector is no more.
Condolences to his family and friends.

Sharing pictures from April 2023. pic.twitter.com/2IR6RKmlmO — Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 18, 2024

Anand Mahindra, Chairman of Mahindra Group, wrote on X (formerly Twitter). "Today, I grieve for the Bhishma Pitamah of Indian Banking — Mr. N.Vaghul, who passed away this morning. 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.." 

Today, I grieve for the Bhishma Pitamah of Indian Banking—Mr. N.Vaghul, who passed away this morning.

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 was a member of the… pic.twitter.com/YgIs5BsE4d — anand mahindra (@anandmahindra) May 18, 2024

"Very sad to hear about the demise of Shri N.Vaghul.A visionary.Made huge contribution to India’s financial sector,"  wrote Shaktikanta Das, Governor of the Reserve Bank of India.

Very sad to hear about the demise of Shri N.Vaghul.A visionary.Made huge contribution to India’s financial sector.Every interaction with him was refreshing.May his soul rest in eternal peace.
Om Shanti. — Shaktikanta Das (@DasShaktikanta) May 18, 2024