Mr. N. Vaghul, former ICICI Chairman, passed away on May 18, 2024.
| Photo Credit: THE HINDU ARCHIVES
My dear friend Vaghul was a rare diamond of splendorous colours.
He was widely and rightly respected as an outstanding institution builder, having been the motive spirit in founding several reputed institutions spanning a wide range of areas – finance, education, academic research and technology – to name a few.
‘Outstanding banker’
Vaghul was an outstanding banker and to him should go the credit for encouraging and promoting several entrepreneurs, whose business groups occupy today the top slots in industry listings. That he did so, within the stifling confines of a development banking institution and without ever crossing ethical boundaries, is a tribute to his genius.
I was privileged to be on the Board of ICICI when it transformed itself from a development financial institution to a ‘universal bank’ in the late 1990s.
That was an unprecedented step.
‘Leadership school’
He steered this audacious transformation by creating a galaxy of exceptional leaders whom he identified, mentored and developed. ICICI became a leadership school, whose alumni, like K.V. Kamath, Kalpana Morparia, Shikha Sharma, Nachiket Mor and many others, went on to not only lead institutions, but also to transform the landscape of the financial sector.
The Board meetings of ICICI were always exciting and educative, as many pioneering concepts – from floating the first credit rating institution to launching insurance companies and venture capital funds – took birth there.
‘Master raconteur’
The post meeting lunches and dinners were guaranteed to be even more exciting, as we would roar with laughter, listening to Vaghul narrate stories, in his inimitable style, of his experience with wayward politicians, arrogant bureaucrats and truant businessmen. He was a master raconteur.
Vaghul cut the shrubs and cleared many a new path in the financial sector, which have become busy highways now.
‘Faith in research’
His genius could not be contained within the financial sector, although that was his principal calling. Being a voracious reader, he could even be said to be an academician, masquerading as a banker, very successful at that. Institute of Financial Management & Research, its affiliate, the Krea University, and Pratham, all of which he either founded or mentored, stand testimony to his abiding faith that high quality education and research are fundamental to the realisation of his dream of a New India.
He could engage reputed historians in conversations with matching erudition, or comment on cricket, like an expert on the sport. He could talk to you both for and against Advaitha philosophy, like a professional lawyer. Actually, everything around him in the world aroused his curiosity. His appetite for learning was insatiable.
‘incredibly simple’
For all his accomplishments, and the honours and accolades he received, including the award of Padma Bhushan, Vaghul was an incredibly simple person, not surprisingly so, as he was mentored by R.K. Talwar, who was a former Chairman of State Bank of India, where Vaghul began his career as a probationary officer. Talwar was a rare combination of professional brilliance, humility and simplicity. Talwar once told me that he thought that Vaghul was a better manager than himself. A clear revelation of the greatness of both.
During the last several years, we spoke at least once a week, sometimes many times more. We would exchange notes about the books that we were reading or discuss philosophy, politics or people. I’d never fail to be amazed at his razor-sharp analysis, his wisdom and the depth of his erudition. A few days ago, we were chatting about the impact of AI on education. I’ve no doubt he would continue his spirited conversations with smarter people up there, learning and challenging, all with his wicked sense of humour undiminished.
(The writer is the Chairman of Asian Paints Limited)
