He began his financial career with a leading stock broking firm in 1936.
India has seen several businessmen who built billion-dollar business empires. They started their business from scratch and faced hardship in the initial days. We all know about the inspiring story of Reliance founder late Dhirubhai Ambani who took it from a chawl and built a big business. However, in this article, we will tell you about another such person who began his journey from a Mumbai chawl and made it big after retirement. He was HT Parekh, founder of HDFC. His story started with similar hardships like Ambani's.
During his early life, he lived in a Mumbai chawl with his father. He did a part-time job while studying in college. He was born in 1911 in a banking family in Surat. His full name is Hasmukh Thakordas Parekh and he was fondly referred to as Hasmukhbhai. He graduated in Economics from Mumbai. Later, he also pursued a B.Sc. degree in Banking and Finance from the London School of Economics.
After returning to India in 1936, Parekh began his financial career with a leading stock broking firm named Harkisandass Lukhmidass. Simultaneously, he was a lecturer in Economics at the St. Xavier’s College in Mumbai for about three years.
Years later, he joined ICICI as its Deputy General Manager and rose to become its chairman in 1972. He founded HDFC in 1977 as a finance institution and disbursed the first home loan in 1978. He dreamt of millions of middle-class citizens of India owning a home. Today, the bank has a market cap of Rs 11.63 lakh crore as of April 19, 2024.
Parekh was awarded Padma Bhushan in 1992 for his contribution to the finance industry in India. He also set up Gujarat Rural Housing Finance Corporation Limited (GRUH) in 1986, an institutional structure for providing rural housing finance in villages and small towns. Parekh passed away in November 1994.
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 "Meet man who once lived in Mumbai chawl, built Rs 11.63 lakh crore company, not Dhirubhai Ambani")
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