V Vaidyanathan's Ode To N Vaghul
In a recent LinkedIn article, V. Vaidyanathan shared insights and cherished memories of his association with N. Vaghul.
Read here.
Dear all,
I recently attended the Book Launch of Vaghul (Narayanan Vaghul, former chairman of ICICI Bank and a prominent figure in India’s banking industry) titled "Reflections".
Would like to share a few stories about this wonderful personality and legend of our lifetimes. One such story, I referred to at an event but will recount it here for all of you.
On joining ICICI in March 2000, I went and met Vaghul in Chennai. (He was the non-executive Chairman then) Around the time there was a certain reform that India had done, there were protests. I asked him what he thinks about it.
He said “Listen, Vaidya. I will tell you a story. Once upon a time, the Devas (Gods) and the Asuras (Demons) were in a bitter battle to get hold of Amrit, the divine nectar of immortality. But to get the Amrit, they had to churn the cosmic ocean. And to execute this daunting task, the mighty Mountain Mandara was used as a churning rod, and Vasuki, the king of Snakes, was turned into a rope. The Gods and the Demons began pulling the giant snake Vasuki from different ends to churn the ocean. On churning, first came the poison, called Halahal. Shiva swallowed the poison and held it in his throat, but the impact turned his throat blue (that's how he became 'Neelkanth'). And then came the nectar, Amrit.
"Reforms are like churning the ocean. The two ends of the stick are globalisation and liberalisation. First, there will be pain, the leader of the day has to absorb it, then there will be nectar of growth and prosperity."
Wow wow. How's that for some insight? That story stuck with me.
On occasions in the 2000s, I would play golf with him (I later stopped playing golf as it consumes too much time). Once I was playing with him, and someone who knew him and not me, referred to me and asked him "Is he your son?" and he said, "No, but I wish he was." It's been nearly 20 years I couldn't get that comment out of my head.
When I visited Chennai for his 80th birthday in 2016, we did a Shashtang (full-length) pranam for him. When I meet him now in 2023, he still is the same warmth and wisdom. At Board meetings, he was simply another level of wisdom, wit, and support. Some extraordinary people like him can never be forgotten. To meet and know such people is a privilege of our lifetimes. We owe a lot to such personalities.
Also seen in the picture, is Deepak Parekh, another legend, about whom I'll write another day. Thank you.
V Vaidyanathan is Managing Director and CEO, IDFC First Bank. He is an alumnus of Birla Institute of Technology and Harvard Business School and is a regular contributor on financial and banking matters in India and international forums
