Narayanan Vaghul: The well-known Indian banker Narayanan Vaghul, who founded ICICI Bank, is currently critically ill and dependent on a ventilator. At the age of 44, Vaghul, now 88, became the youngest chairman of Bank of India, a state-run lender, having started his career there as a commercial banker.
Anand Mahindra’s Tribute
On This Ananad Mahindra Wrote on 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.”
He added that, “He was a member of the Board of Mahindra & Mahindra for many years, and from the time I took charge as CEO, he never failed to show his enduring support & encouragement through good times & bad. I will share one distinct story regarding his inspirational support: He agreed to be the Chairman of Mahindra World City, Chennai, when it was just taking shape as the 1st private sector SEZ. At one point, I was told by consultants that we had created a white elephant and it would be wiser to shut it down or turn it into a CSR project. But he advised me never to lose conviction in something path-breaking.”
Vaghul’s Role as Chairman
Anand Mahindra said, “He was a diligent Chairman and always asked sharp questions about the strategy & situation of MWC. But not once did he get apprehensive & ask to step down as Chairman. He stuck with it right until it became a big financial success and an emblem of pride in our Group. And no one derived more joy in its success than he did.”
“That is the quality of the man. I was blessed to know him. Blessed to be guided by him. My prayers & thoughts are with him as he transitions to his next set of adventures… Om Shanti,” he added.
Venture Capital Pioneer
Vaghul started venture capital efforts at ICICI in the late 1980s. It then went on to form its wholly-owned subsidiary, TDICI, with the goal of offering venture capital for technology. Up until 1996, he presided over TDICI, which is now ICICI Ventures, and managed the venture capital support initiatives that aided in the development of numerous biotech and pharmaceutical industry leaders in India.
In the mid-1990s, the former chairman of ICICI Bank was instrumental in convincing KV Kamath, another notable individual, to return to India from the Asian Development Bank. By introducing consumer lending initiatives, Kamath helped ICICI Bank broaden its focus. Additionally, Vaghul played a key role in the establishment of the investment banking firm ICICI Securities.