Deepak Parekh announces retirement: A look at the legacy of HDFC Chairman

After a tenure spanning over 45 years that witnessed the creation of India's biggest financial services conglomerates, Deepak Parekh, the chairman of Housing Development Finance Corporation (HDFC), announced his retirement on June 30, 2023, on the eve of HDFC's monumental merger with HDFC Bank. 

Parekh, who joined HDFC as a deputy general manager in 1978, has been instrumental in transforming HDFC into a leader in home loans and a diverse financial services conglomerate with a presence in banking, asset management, life insurance, general insurance, real estate venture funds, and education loans. 

A multifaceted luminary, Parekh serves on the boards of numerous preeminent corporations spanning diverse industries. He is the non-executive chairman of Siemens Ltd. in India and holds a board position at the National Investment and Infrastructure Fund (NIIF).

Deepak Parekh, a global icon

His global presence is equally impressive, with board positions at DP World in the UAE, Canada's Fairfax Financial Holdings Corporation, and Economic Zones World FZE, UAE. Further underscoring his international impact, Parekh is part of the advisory boards of Investcorp International Ltd and Warburg Pincus LLC. His advisory capacities extend to the Indo-US CEO Forum, the Finance Committee of the City of London, the Indo-German Chamber of Commerce, and the India-UK Financial Partnership. He also received the honour of being named the inaugural international ambassador for London by the city's mayor in 2017.

Know about Deepak Parekh's legacy

Parekh's legacy isn't limited to business growth and development. He is lauded for his unrelenting calls for standardisation and transparency in the real estate sector. Parekh also served as a Special Director on the Satyam Board in 2009, enabling its resurgence. He played a pivotal role in the restructuring of UTI in the late 1990s, rebuilding investor trust. Being a vocal advocate for policy reform, Parekh's expertise and vision have been sought in various influential economic groups, advisory committees, and task forces in fields such as infrastructure, housing, financial services, and capital markets.

Guided by a compelling philosophy of Corporate Social Responsibility, Parekh posits that a company's duty extends beyond shareholders, impacting all stakeholders and society at large. If a corporation earns, it must also give back to the community, he asserts.

Deepak Parekh; Awards and international recognitions

Parekh's significant contributions have earned him widespread acclaim, resulting in numerous accolades. Notably, he received the Padma Bhushan in 2006, India's third-highest civilian award. Internationally, he was bestowed with Germany's Cross of the Order of Merit, the Bundesverdienstkreuz', in 2014, and France's 'Knight in the Order of the Legion of Honour' in 2010. Additionally, he was the first non-British recipient of the Outstanding Achievement Award by the Institute of Chartered Accountants in England and Wales in 2010. These are just a few examples from a career abundant in accolades, reflecting a lifetime of extraordinary leadership and commitment.