Mumbai:Veteran banker N Vaghul died on Saturday afternoon due to health complications, sources said. He was 88. Vaghul, who held many leadership positions in the banking industry, is credited with transforming ICICI from a public finance institution to a private sector bank in his 11-year stint as the chairman and managing director, starting in 1985.
He was admitted to a private hospital in Chennai due to some health complications and was on ventilator support, as per the sources. The last rites of Vaghul, who was honoured with the country's third highest civilian award Padma Bhushan in 2006, are expected to be held in Chennai later this evening, according to the sources.
Vaghul started his career as an officer with the State Bank of India in the pre-liberalisation era of the 1960s and quit the country's largest lender to take up a teaching job at the National Institute of Banking Management. Within two years, he became the director at the Pune-based institute but returned to banking soon after as an executive director in the state-owned Central Bank of India.