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N Vaghul, the legendary Indian banker and former chairman of ICICI Bank, passed away in Chennai on Saturday at the age of 88. Vaghul, who was awarded the Padma Bhushan in 2009, is survived by his wife, daughter, and son.
Vaghul's journey in the banking sector began unexpectedly. Initially aspiring for civil services, he ended up taking the test for the State Bank of India (SBI) due to a delay in the civil service exam. After almost 19 years at SBI, he moved to various other banking institutions before joining ICICI Ltd in 1985.
During his tenure at ICICI, Vaghul mentored many senior executives, including K.V. Kamath, who succeeded him as chairman. Vaghul's leadership and vision played a significant role in shaping ICICI's growth and success.
Beyond his contributions to the banking industry, Vaghul was also known for his philanthropic endeavors. He believed that philanthropy was not merely about donating money but about making a meaningful impact on society.
Vaghul's legacy extends beyond the financial sector. He served as the chairman of Mahindra World City, Chennai, and played a pivotal role in its development. He was also involved in various initiatives aimed at promoting education and healthcare.
The passing of N Vaghul is a significant loss to the Indian banking and business community. His contributions to the industry and society at large will be remembered and cherished for years to come.
Source: N Vaghul, accidental banker and philanthropist, dies at 88