Deepak Parekh retires ahead of HDFC, HDFC Bank merger
The Hindu
Deepak Parekh, chairman, Housing Development Finance Corporation Ltd., (HDFC) on Friday announced his retirement ahead of the merger of HDFC Ltd. with HDFC Bank Ltd, ending his 45-year association with the mortgage lender.
Deepak Parekh, chairman, Housing Development Finance Corporation Ltd., (HDFC) on Friday announced his retirement ahead of the merger of HDFC Ltd. with HDFC Bank Ltd, ending his 45-year association with the mortgage lender.
In 1978, Mr Parekh had left his job in Chase Manhattan Bank to join his uncle H.T. Parekh who had set up HDFC Ltd., a year before at the age of 65, to provide finance to middle class Indians to own a home.
“It is my time to hang my boots with both anticipation and hope for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity.” Mr Parekh said in a letter to HDFC Ltd’s shareholders.
“The HDFC experience is invaluable. Our history cannot be erased and our legacy will be taken forward,” he said.
He said as HDFC hands the baton, “my wish is that our core founding values of kindness, fairness, efficiency and effectiveness gets woven deeper into the fabric of the HDFC group.”
“To all our employees transitioning to HDFC Bank, know that you will always carry the indelible mark of ‘HDFC’ with you. This is your era of new possibilities. Embrace change, continue to work as close-knit teams, be kind and have each other’s back. The future is yours to grasp,” he added.
Mr. Parekh said the biggest risk organisations face today “is staying with the status quo, believing what worked well yesterday will continue in the future. Change takes courage as it displaces one from the cocoon of comfort and familiarity.”
Union Minister Piyush Goyal projects India's thermal power requirement to reach 307 GW by 2035, highlighting ongoing capacity growth.
India and the U.S. are nearing an initial trade agreement on reciprocal tariffs, resolving remaining differences, says Commerce Secretary Agrawal.
Stock markets dipped slightly amid foreign fund outflows, with select stocks like Hindustan Unilever and Tata Steel gaining.
The rupee hits a record low of 90.74 against the dollar, impacted by strong dollar demand and market uncertainty.
Andhra Pradesh allocates land for Sagar Defence's autonomous maritime shipyard in Nellore, set to boost local employment and maritime capabilities.
India's exports surged 19.37% to $38.13 billion in November, marking the highest figures in a decade.
Enforcement Directorate interrogates former Yes Bank CEO Rana Kapoor in a money laundering investigation involving Anil Ambani's companies.
Maruti Suzuki plans to localise EV components and establish extensive charging infrastructure to boost India's electric vehicle ecosystem by 2030.
Wholesale price inflation in India fell to -0.32% in November, influenced by lower food and energy prices.
Stock markets dip as Sensex and Nifty fall on foreign fund outflows, weak global trends, and trade deal uncertainty.
Rupee hits an all-time low of 90.58 against the U.S. dollar amid trade deal uncertainties and foreign fund outflows.
Trump’s decision on the H200 comes at a time when China is pushing to promote its own domestic AI chip industry.
Explore how biases hinder learning from investment mistakes and discover strategies to improve decision-making and avoid future pitfalls.