Smt. Nirmala Sitharaman launches ‘Reflections’ authored by Mr. Narayanan Vaghul in Mumbai

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India, 28th April, 2023: Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, launched ‘Reflections’, a book authored by eminent banker Mr. Narayanan Vaghul, in Mumbai, today. The book carries a vivid account of Mr. Vaghul’s experiences spanning decades in India’s financial landscape. The event was also graced Mr. K.V. Kamath, Chairman, National Bank for Financing Infrastructure and Development (NaBFID), Ms. Kalpana Morparia, Former Chairperson, J.P. Morgan South and South East Asia, as well as eminent bankers and members of leading financial institutions.

Widely considered as the architect of modern banking in India, Mr. Vaghul’s book recounts the dramatic, humorous, and often momentous events throughout his illustrious career. Packed with fascinating anecdotes, the book touches upon various initiatives that he was privileged to have been part of. 

The processes established by Mr. Vaghul went on to become strong and sustainable practices in the Indian financial ecosystem. He has been instrumental in mentoring several powerhouses of banking talent and actively groomed more women CEOs in banking, thereby fostering a culture of gender-neutral meritocracy. 

Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs, commended Mr. Narayanan Vaghul for his extensive experience in banking and his leadership qualities. She also recognized his contributions to mentoring leaders, which have left a lasting impact. She highlighted Mr. Vaghul’s ideas and vision on women empowerment, which will continue to be relevant and valuable for India as more women take on leadership roles in financial services.

Speaking on the occasion, Mr. Ajay Piramal, Chairman, Piramal Group, said, “It gives me immense pleasure to launch this treasure trove of memoirs penned by Mr. Narayanan Vaghul, towards whom I have the deepest respect and often turn to for guidance and inspiration. Mr. Vaghul is considered as the ‘Bhishma Pitamah’ of banking in India and the journey of his life epitomizes selfless service, nation building, mentorship and women empowerment. I believe the learnings from his journey are of immense relevance for younger generations. His strong belief in the inherent strengths of value systems are truly reflected, both in his various professional and personal endeavors. ‘Reflections’, replete with insights and anecdotes, gives us the food for thought to prepare ourselves for the goals to be achieved in the future, both individually and collectively.”

Mr. Narayanan Vaghul, author of ‘Reflections’, said, “I would like to express my deepest gratitude to Smt. Nirmala Sitharaman ji for having graced the occasion.  I would also like to thank Mr. Ajay Piramal, towards whom I have developed the deepest regard and affection. It was his persistence and encouragement that pushed me to pen down my memoirs spanning over seven decades. 

My career was characterized by a series of serendipitous events and I am pleased to offer this book – an anthology of my own experiences – as the buttress of my point of view. India is at present among the fastest growing economies in the world and we have not only withstood severe turbulence from time to time, but also shown remarkable resilience in overcoming such crises and regaining our stability while retaining a strong link to our traditions. Today, it is even more imperative for key leaders to come together and pass on the value systems to the younger generation that will form the bedrock of society in the years to come. The revival of value learning in the education curriculum, in my opinion, will be a catalyst in helping the Indian economy achieve its full growth potential.”

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