Veteran Banker Narayanan Vaghul Cremated in Chennai
Moneylife Digital Team 20 May 2024
Veteran banker and Padma Bhushan recipient Narayanan Vaghul, who died in the city on 18th May, was cremated in Chennai on Sunday.
 
Admitted to a corporate hospital in Chennai due to health-related ailments, Mr Vaghul (88) breathed his last on Saturday. He is survived by his wife Padma, son Mohan, and daughter Sudha.
 
Mr Vaghul started his career as a probationary officer with State Bank of India (SBI). After serving 19 years at SBI, he moved to the National Institute of Bank Management (NIBM) and became a director there before joining Central Bank of India. 
 
In 1981, he was appointed the chairman and managing director (CMD) of Bank of India. Later, in 1985, he was appointed as CMD of Industrial Credit and Investment Corporation of India(ICICI), which was then a development finance institution (DFI), before becoming ICICI Bank.
 
Mr Vaghul was the first chairman of rating agency CRISIL. He served as a director on the board of many companies including Wipro, Mahindra & Mahindra, Apollo Hospitals and Mittal Steel. He was also the chairman of Mahindra World City, Chennai, when it was set up as one of the first special economic zones (SEZ) in India.
 
In 2010, the veteran banker was awarded the Padma Bhushan, India's third highest civilian honour, in the trade and industry category. 
 
Mr Vaghul authored ‘Reflections’, a book carrying an account of his experiences spanning decades in India’s financial landscape.
 
Born in 1936 at Madras (now Chennai), Mr Vaghul studied at Ramakrishna Mission School. In 1956, he graduated from Loyola College, Madras University with a Bachelor of Commerce degree with honours.
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