Deepak Parekh's salary was 50 percent lesser than what he was earning in London.
Deepak Parekh, India's most legendary banker, has announced his retirement as the chairman of the HDFC Bank. He took the decision after bank merged with the company's lending arm. Deepak Parekh has been at the center of India's banking landscape for over four decades.
Parekh not only spearheaded the bank successfully and with full honesty, he also helped others put their houses in order. For instance, when Satyam Computer was on the brink of a collapse, the Centre placed him in a committee with Parekh. He had Anand Mahindra buy the IT firm whose market value now is Rs 1.1 lakh crore.
After the merger, HDFC has become the fourth biggest bank in the world by market value. Its combined market cap is now Rs 16.63 lakh crore.
HDFC Bank is the biggest private bank in India. It was founded by Deepak Parekh's uncle, HT Parekh, in the 1970s. He joined as an employee of the firm. When he retired, the company was a banking behemoth. Parekh led from the front.
He did his schooling from St. Xavier's High School, Mumbai. He completed B Com from Mumbai University and did chartered accountancy there. He worked with Ernst & Young in London. He also cleared the Certified Associate of Indian Institute of Bankers (CAIIB).
He joined HDFC in 1978 on his uncle's insistence.
He wanted to support him in Mumbai. Parekh complied as his uncle considered him as his son. He was only 33 years old.
Parekh's salary was 50 percent lesser than what he was earning in London.
He pushed for the company's banking license even though the board didn't agree with the decision at that time. He also gave a free hand to Aditya Puri to run the bank.
Due to his and Puri's efforts, the bank has a customer base of 6.8 crore and has 6300 branches.
He is also known for the low profile he keeps. He holds a share holding of only Rs 155 crore (2022). This, at a time when startup founders often flaunt their net worth. He owns only 0.04 percent stake. He once told BQ Prime that he was an entrepreneur who worked with the mindset of a salaries person. Even his uncle worked for a salary and lived in a rented house.
In 2021, his family bought a house for Rs 50 crore in Mumbai.
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