Narayanan Vaghul, the banker who sowed the seeds of financial conglomerate ICICI, passed away today. He was 88.
He was on the ventilator for the last two days at Apollo Hospital in Chennai, in critical condition. He was admitted to hospital after he fell and was unconscious, his family member told ET.
He is survived by his wife, daughter and son.
A career banker who started his career in the State Bank of India, became the youngest chairman of a state-run lender – Bank of India – at 44. he quit banking in disgust due to interference from bureaucrats. He was asked to head ICICI Bank during the Rajiv Gandhi administration.
Vaghul also is a recipient of Padma Bhushan in 2010, in the Trade and Industry category. He was also awarded The Economic Times Lifetime Achievement Award in 2006.
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