*Narayanan Vaghul, architect of modern banking in India, dies at 88*
A Padma Bhushan awardee, Vaghul is considered as the ‘Bhishma Pitamah’ of banking in the country.
At the age of 39, Vaghul was offered the position of Executive Director at the Central Bank of India. In 1981, he became the youngest Chairman of Bank of India at the age of 44.
It was Vaghul who introduced the concept of credit rating in the country and in 1987 established Crisil (Credit Rating Information Services of India Ltd). He was the recipient of many prestigious awards.
He joined ICICI Limited as the Chairman and CEO in 1985. Under his leadership, ICICI transformed from a development bank to the second largest commercial bank of the country.
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