 "N Vaghul, Narayanan Vaghul")
I have benefited from Narayanan Vaghul's generosity and observed his approach towards life and officialdom. I want to share a few instances.
Vaghul joined the Bank of India as Chairman and Managing Director in early 1980 at the young age of 44. His arrival brought a fresh perspective. He believed wisdom was distributed throughout the bank, not just confined to the head office (HO). He initiated a practice of identifying challenges faced by the bank, inviting officers dealing with these issues to a conference at the HO to deliberate and decide on solutions.
In 1981, as a JM Scale I Officer at Bank of India, RO Hyderabad, I attended a three-day conference of O&M officers at the HO, with Vaghul actively participating and driving the discussions. Although we agreed on the problems, we differed on the solutions. Despite our disagreements, he never interrupted me; instead, he took notes. On the final day, he astounded me by asking if a draft summary of the decisions met my approval, a testament to his humility and generosity.
Following another conference in Chennai on a related matter, a senior officer informed me that he had praised my courage to disagree openly with him and acknowledged my points during a subsequent discussion. This incident highlights his exceptional generosity.
Despite holding a Bachelor of Commerce, his knowledge and curiosity about applying technology in banking were ahead of his time. With the upcoming launch of our satellite INSAT 1B, he envisioned how the Bank of India and the broader banking system could benefit, predating similar strategies by large international banks.
Known for his simplicity, Vaghul once visited the ECIL in Hyderabad to discuss matters with the ECIL Chairman. He requested only a car and driver for the visit, reflecting his unpretentious nature.
He was an effective public speaker. I recall a speech where he drew an analogy between dinosaurs and large institutions like banks, emphasising the importance of adaptive and efficient management information systems. This approach led to significant reforms in banking practices.
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I have sporadically stayed in touch with Vaghul, who became my idol. His approach to leadership and innovation has deeply influenced me.
As CMD of ICICI, he established several subsidiaries that greatly enhanced the ICICI brand and market capitalisation. His strategic vision was evident in the reverse merger of ICICI with ICICI Bank.
Even after moving to non-executive roles, he continued to mentor and support his successors, ensuring smooth leadership transitions.
His life and career exemplify that decency, simplicity, and forward-thinking can lead to success at the highest levels. His qualities remind me of our former President, APJ Abdul Kalam.
N Vaghul, may his tribe increase.
The author is a former CMD, Canara Bank & Whole Time Member, SEBI and author of 'From a Car Shed to the Corner Room and Beyond'
These are the personal opinions of the writer. They do not necessarily reflect the views of www.business-standard.com or the 'Business Standard' newspaper
These are the personal opinions of the writer. They do not necessarily reflect the views of www.business-standard.com or the 'Business Standard' newspaper
