[1] After receiving his education from Nalanda College Colombo, he joined the University of Ceylon, then graduating with a Special BA Degree in Economics (specializing in banking & currency).
Narangoda chose to do sports at Nalanda, becoming a cricketer, representing First XI during 1965 to 1967.
[2][3] After his graduation, with an Economics Special Degree, he joined the National Savings Bank as an executive in 1975.
Before being appointed to his current position, he was the General Manager and Chief Executive Officer for over five years at National Savings Bank (Sri Lanka).
The eleven member team also included Pradeep Kariyawasam and R. Nadarajah.