People: Piramal Enterprises Ltd (PIRA.NS)
Mr. Narayanan Vaghul is Non-Executive Independent Director of Piramal Enterprises Limited. He is the Former Chairman of ICICI Bank Limited, which is the second largest Commercial Bank in the country. He is widely recognised in India for his role in pioneering the concept of the Universal Banking Model that laid the foundation for a new era in Indian Banking. Mr. Vaghul received his Bachelor of Commerce (Hons) Degree from the University of Madras in 1956. He joined the State Bank of India in 1957 as a Probationary Officer, became the Director in the National Institute of Bank Management, Mumbai in 1976, before assuming charge as the Executive Director in Central Bank of India in 1978. He became the Chairman of the Bank of India in 1981 and was the youngest ever Chairman in a Public Sector Bank. He joined ICICI Limited as Chairman & CEO in 1985, and continued to head the Group till April 2009. During his tenure in ICICI, he created several new institutions laying the foundation for the development of the Universal Banking. He started the first venture capital company in India in 1987; and from a small beginning this has become a leading venture capital company today. He was also instrumental in setting up ICICI Securities, an Investment Banking company. When the banking licence was thrown open to the non-state players, he set up a commercial bank with which ICICI was to merge, subsequently, to become the first major universal financial institution catering to the diverse needs of all segments of customers. He also pioneered the concept of ‘Credit Rating’ in India by setting up CRISIL. He was the Founder Chairman of CRISIL for close to 10 years and has helped in evolving the best practices of credit rating in the country. Mr. Vaghul was deeply interested in spreading education, particularly to the under-privileged sections of society. He was the Chairman of ‘Pratham’, a leading NGO in this sector. He is associated with several foundations dedicated to the cause of primary education.
|Total Annual Compensation, INR||5,000,000|
|Restricted Stock Award, INR||--|
|Long-Term Incentive Plans, INR||--|
|All Other, INR||--|
|Fiscal Year Total, INR||5,000,000|