“It is with deep sadness that we announce the death of Padma Bhushan Narayanan Vaghul this afternoon at Apollo Hospital, Chennai,” the family said.
Vaghul, famous for his instrumental role in the formation of ICICI Bank, was awarded the prestigious Padma Bhushan award in 2009. He began his illustrious career with the State Bank of India and assumed the role of Chairman of the Bank of India at 44 years.
Survived by his wife, daughter and son, Vaghul leaves behind a legacy of remarkable contributions to the banking sector.
Executive Chairman and Founder of Biocon Ltd, Kiran Mazumdar-Shaw took to X (formerly Twitter) to pay tribute to Vaghul.
My greatest mentor has breathed his last. I was fortunate to know him as my mentor and friend. RIP Mr Vaghul – your legend lives on for posterity. Om Shanthi 🙏 pic.twitter.com/rzjXkf0RJs
– Kiran Mazumdar-Shaw (@kiranshaw) May 18, 2024
Anand Mahindra tweeted how Vaghul was one of the most inspiring and generous people he had met.
Today I mourn the Bhishma Pitamah of Indian banking, MNVaghul, who passed away this morning.
I am not only mourning a Titan of Indian Affairs, but also one of the most inspiring and generous people I have ever had the good fortune to meet.
He was a member of… pic.twitter.com/YgIs5BsE4d
– Anand Mahindra (@anandmahindra) May 18, 2024
Former union minister Milind Deora also offered his condolences for X. He wrote that Vaghul was a friend and an institution whose legacy would live on.
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