With heavy hearts, we announce the passing of N Vaghul, the former Chairman of ICICI Bank Limited, a revered figure in Indian banking, and a beacon of philanthropy. Mr Vaghul passed away on 18 May 2024, leaving behind a remarkable legacy of innovation, leadership, and compassion.
Narayanan Vaghul, fondly known as N Vaghul, played a pivotal role in shaping Indian finance and business. Known as the Bhishma Pitamah of Indian banking, his contributions are unmatched, having founded ICICI Securities and CRISIL, revolutionising investment banking and credit rating in India.
Beyond finance, Mr Vaghul was deeply committed to education and social development. For nearly three decades, he served as the Chairman of the Board of Governors of IFMR (Institute for Financial Management and Research), where he spearheaded initiatives aimed at advancing economic and social research. Mr Vaghul led IFMR through many major initiatives including setting up of Academy for Management Excellence (ACME), as a division of IFMR in collaboration with University of Michigan under the leadership of Dr C K Prahalad, the well-known management guru, bringing global management practices to the Indian landscape, right at the start of the era of liberalisation and globalisation in the Indian economy.
Another initiative at IFMR under Mr Vaghul’s direction, was the tie up with British Open University, the pioneer institution in distance learning which exposed middle and senior managers to obtaining management lessons while working, something novel to the Indian learning system then.
Under his leadership, IFMR also set up an entry level business school that has grown to become one of the leading B-Schools in India, IFMR GSB (Graduate School of Business) right now in its 24th year of knowledge dissemination. Mr Vaghul also initiated the setting up of several research centers with the support of ICICI Bank , and along with Dr Nachiket Mor, focused on inclusive growth-micro finance, development finance, small enterprise finance, insurance etc, with a number of internationally well-known academicians such as Dr Abhijit Banerjee as principal investigators.
Mr Vaghul was instrumental in the establishment of Krea University, a pioneering institution dedicated to liberal arts and interdisciplinary education. In his role as the inaugural Chancellor, he laid the foundation for Krea’s distinctive approach to learning, which integrates multiple disciplines, perspectives, and methodologies to nurture well-rounded individuals equipped to address complex global challenges. He also served as a Governing Council Member since its very inception and, more recently as member of the Advisory Group of Krea University, providing invaluable guidance and strategic direction to the institution.
In the words of Mr Lakshmi Narayanan, Chancellor, Krea University, “N Vaghul’s visionary leadership and unwavering commitment to education have been instrumental in shaping the ethos of Krea University. His legacy will continue to inspire generations of students, faculty, and staff as we strive to uphold his values and principles. By giving is how we would like to celebrate his life.”
Throughout his illustrious career, Mr Vaghul garnered numerous accolades and honours, including the Padma Bhushan, Businessman of the Year by Business India, Lifetime Achievement Awards from the Economic Times, the Ernst & Young Entrepreneur of the Year Award Program, and the Bombay Management Association.
Mr Vaghul’s impact extended beyond boardrooms and financial markets. He served as a director on the boards of major Indian corporations, including Wipro, Mahindra & Mahindra, Apollo Hospitals, and Mittal Steel. His commitment to philanthropy was exemplary, evident through his chairmanship of Give India, an online platform dedicated to fostering charitable giving. In 2012, he was honoured with the Corporate Catalyst — Forbes Philanthropy Award for his tireless efforts in advancing philanthropic causes. In 2023, the banking veteran turned author, penning down his rich experiences spanning several decades in the industry into his book ‘Reflections’.
The Krea community deeply feels the loss of N Vaghul. His exceptional wisdom, unwavering integrity, and relentless dedication to societal advancement have left an enduring impact, resonating closely with the values cherished at Krea. As we honour his life and contributions, we draw comfort in knowing that his remarkable legacy will continue to inspire and guide present and future generations of Krea students and leaders.
Our thoughts and prayers are with Mr Vaghul’s family, friends, and colleagues during this difficult time.