N Vaghul, a legendary banker and the former chairman of ICICI Bank, dies away

N Vaghul, a legendary banker and the former chairman of ICICI Bank, dies away

Vaghul played a key role in ICICI Bank's transformation from a start-up to a fully functional bank. He mentored several prominent executives, including KV Kamath, over his decades-long career.

N Vaghul died away in Chennai early today. Apollo Medical Facilities

Legendary banker and former chairman of ICICI Bank Narayanan Vaghul died away earlier today at Apollo Hospitals in Chennai. Those acquainted with the situation say that Vaghul remained unconscious for the first two days after his fall in the home and was in severe condition. Vaghul was then brought into Apollo Hospitals.

"We regret to notify you that Padma Bhushan Narayanan Vaghul, sir, died away at Apollo Hospitals in Chennai this afternoon. In a statement, Vaghul's family stated, "He was 88 years old and is survived by his wife, daughter, son, their families, an assortment of close friends and admirers who deeply respected himself for what he achieved and stood for."

The statement further said that tributes may be made at his home today evening from 5 to 8 p.m. at Mezzanine Hall, Bonaventura Apartments, South Canal Bank Road, Chennai.

Over the course of his thirty-year career, Vaghul played a key role in transforming ICICI Bank from a fledgling financial organization into an established bank. Over the course of his thirty-year career, Vaghul coached several bank executives, including KV Kamath.

In addition, Vaghul has the distinction of being the public sector bank's youngest chairman, having served as the Bank of India's chairman in 1981. In 1985, Vaghul became chairman and CEO of ICICI Limited, a position he held till 2009. 2010 saw the Padma Bhushan in the Trade and Industry category handed to Vaghul.

a renowned financial person

In India, Vaghul is highly regarded for his contribution to the development of the Universal Banking model, which set the stage for a new chapter in the history of Indian banking. For a whole twenty-four years, Vaghul was the Chairman and CEO of ICICI Bank.

In addition, Vaghul played a key role in the establishment of the investment banking firm ICICI Securities. By establishing CRISIL, he also introduced the idea of credit rating to India. For over a decade, he served as the founding chairman of CRISIL and contributed to the creation of the nation's top credit rating procedures.

a multiple award and honoree winner. In addition to being named the Businessman of the Year by Business India in 1992, Mr. Vaghul was also honored with an award for lifetime achievements by the Bombay Management Association in March 2013, Ernst & Young in 2009, and Economic Times in 2006.