Renowned for his visionary leadership, Vaghul served as chairman and CEO of ICICI Bank for 24 years, guiding its transformation into India’s second-largest commercial bank. He was instrumental in introducing the Universal Banking Model, revolutionizing the industry and making banking accessible to a wider segment of the population.
Beyond his work at ICICI, Vaghul left an enduring mark on Indian finance through his involvement in various initiatives. He established India’s first venture capital company, which has grown into an industry leader. He also played a key role in the founding of ICICI Securities, an investment banking firm, and CRISIL, India’s first credit rating agency, where he served as the founding chairman for almost a decade.
Vaghul’s contributions were widely recognized, earning him numerous accolades and awards. He was named Businessman of the Year by Business India in 1992 and received Lifetime Achievement Awards from the Economic Times in 2006, Ernst & Young in 2009, and the Bombay Management Association in 2013. The Indian government also honored him with the Padma Bhushan in 2009 for his exceptional contributions to Indian banking and corporate governance.
Upon his passing, Vaghul’s legacy was mourned by industry leaders and politicians alike. Union Finance Minister Nirmala Sitharaman, RBI Governor Shaktikanta Das, and Mahindra Group Chairman Anand Mahindra paid their respects, acknowledging his immense contribution to the banking sector. Senior Congress leader P Chidambaram credited Vaghul with mentoring and empowering many legendary women bankers, underscoring his commitment to diversity and inclusion.
Industry leaders such as Ajay Piramal, R Seshasayee, Sandeep Bakshi, Shikha Sharma, Lakshmi Narayanan, Mallika Srinivasan, and S.N. Subrahmanyan paid their last respects at Vaghul’s residence, a testament to the deep impact he had on the Indian business community. Narayanan Vaghul’s legacy will continue to inspire future generations of bankers and contribute to the growth and prosperity of the Indian banking sector.
