May 18th 2024.
It was a sad day for the banking industry as it mourned the loss of veteran banker N Vaghul on Saturday afternoon. According to sources, Vaghul passed away at the age of 88 due to health complications. His contributions to the banking sector were immense, having held many leadership positions throughout his career.
Many remember Vaghul for his pivotal role in transforming ICICI from a public finance institution to a private sector bank during his 11-year tenure as the chairman and managing director, starting in 1985. He was a true visionary and his leadership brought about significant changes in the bank.
In his final days, Vaghul was admitted to a private hospital in Chennai for some health complications and was on ventilator support. Sadly, his condition did not improve and he passed away peacefully. The last rites of the revered banker, who was honored with the Padma Bhushan in 2006, will be held in Chennai later this evening, as per sources.
Vaghul began his career as an officer with the State Bank of India in the pre-liberalization era of the 1960s. However, his thirst for knowledge led him to take up a teaching job at the National Institute of Banking Management. Within two years, he became the director of the institute but soon returned to the banking world as an executive director at the Central Bank of India.
In 1981, Vaghul made history by becoming the chairman and managing director of the Bank of India at the young age of 44, making him one of the youngest heads to lead a state-owned lender. But his journey was far from over as he was soon appointed as the CMD of ICICI. Under his guidance, the institution underwent a major transformation and emerged as a successful private sector bank.
Vaghul's humble beginnings as a graduate from the University of Madras, coming from a rural family, only adds to the inspiration he provided to so many. After his stint at ICICI, he continued to serve the corporate world by sitting on the boards of various companies, including auto giant Mahindra and Mahindra.
Anand Mahindra, Chairman of the Mahindra Group, fondly remembers Vaghul as the "Bhishma Pitamaha" of the banking industry. He considers himself blessed to have known and been guided by such a remarkable individual. Vaghul's contributions extended beyond the corporate world, as he was deeply involved in philanthropic work, particularly in the field of education. He played a key role in bringing together industry leaders to collaborate and support initiatives like Pratham, which works towards providing education to underprivileged children.
The passing of N Vaghul is a huge loss for the banking sector and the country as a whole. His legacy will continue to inspire and guide future generations, and his contributions will always be remembered and cherished.
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