Mr. N. Vaghul, former Chairman, ICICI, passed away on May 18, 2024 | Photo source: HINDU ARCHIVES
My dear friend Vaghul was a infrequent diamond with brilliant colors.
He was widely and rightly respected as an outstanding institution builder, spearheading the founding of several renowned institutions covering a wide range of fields – including finance, education, academic research and technology.
“Outstanding Banker”
Vaghul was an outstanding banker and to him goes the credit of encouraging and promoting several entrepreneurs whose business groups today top the industry charts. That he did so within the stifling confines of a development banking institution and never crossing ethical boundaries is a tribute to his genius.
I had the honor of serving on the board of ICICI when it transformed itself from a development financial institution to a “universal bank” in the behind schedule 1990s.
This was an unprecedented step.
“Leadership School”
He led this bold transformation by creating a galaxy of exceptional leaders whom he identified, mentored and developed. ICICI has become a leadership school where alumni like KV Kamath, Kalpana Morparia, Shikha Sharma, Nachiket Mor and many others have not only led institutions but also changed the landscape of the financial sector.
ICICI Board meetings were always exhilarating and informative as many pioneering ideas were born there – from introducing the first rating institution to launching insurance companies and venture capital funds.
“Master Storyteller”
The lunches and dinners after the meetings were certainly even more exhilarating as we roared with laughter as we listened to Vaghul tell stories in his inimitable style of his experiences with recalcitrant politicians, arrogant bureaucrats and truant businessmen. He was a master storyteller.
Vaghul cleared the bushes and paved many recent paths in the financial sector, which have now become busy highways.
“Faith in Research”
His genius could not be confined to the financial sector, even though it was his main vocation. Being a voracious reader, one could even say that he was an academic pretending to be a banker and successful at it. The Institute of Financial Management and Research, its affiliate, Krea University and Pratham University, which he founded or mentored, are testimony to his unwavering belief that quality education and research are fundamental to realizing his dream of a Up-to-date India.
He could have engaged renowned historians of appropriate erudition in conversations, or he could have spoken about cricket like an expert in the field. He could talk to you both for and against Advaith’s philosophy like a professional lawyer. In fact, everything around him in the world aroused his curiosity. His appetite for learning was insatiable.
“extremely basic”
Despite all his achievements and the accolades and accolades he received, including the Padma Bhushan Award, Vaghul was an extremely basic person, which is not surprising as his mentor was R. K. Talwar, former chairman of the State Bank of India, where Vaghul started his career as an officer at trial period. Talwar was a infrequent combination of professional brilliance, humility and simplicity. Talwar once told me that he thought Vaghul was a better manager than himself. A clear revelation of the greatness of both.
We’ve talked at least once a week for the past few years, sometimes multiple times. We exchanged notes about the books we were reading or talked about philosophy, politics or people. I will never cease to be amazed by his razor-sharp analysis, wisdom and depth of erudition. A few days ago we talked about the impact of artificial intelligence on education. I have no doubt that he would continue his spirited conversations with smarter people up there, learning and challenging, all while his bad sense of humor remains the same.
(The author is the CEO of Asian Paints Circumscribed)
