Meet the entrepreneur who, regardless of his humble beginnings in a Mumbai chawl, went on to determine an organization valued at Rs 4.14 lakh crore—surpassing even the achievements of Dhirubhai Ambani.
Whereas Dhirubhai Ambani’s journey from a chawl to turning into one in every of India
Hailing from Surat, Parekh was born right into a banking household and confronted the challenges of a modest upbringing in a Mumbai chawl. Throughout his faculty years, he juggled part-time work alongside his research, demonstrating early resilience. After graduating in economics from Mumbai, Parekh seized a possibility to additional his schooling within the UK, incomes a BSc diploma in Banking and Finance from the esteemed London Faculty of Economics.
Upon returning to India, Parekh took on the position of a lecturer on the prestigious St Xavier’s Faculty in Mumbai. His foray into the company world started on the stockbroking agency Harkisandass Lakhmidass. Nevertheless, it was at ICICI that Parekh made a big influence, beginning as Deputy Normal Supervisor and finally rising to the positions of Chairman and Managing Director earlier than retiring after 16 years of devoted service.
Whereas retirement marks the tip of an expert journey for a lot of, Parekh, on the age of 66, envisioned a brand new chapter. In 1977, he based HDFC to finance the homeownership desires of the center class in India. The corporate issued its first mortgage in 1978, marking the start of a transformative journey.
By 1984, HDFC, underneath Parekh’s management, was approving annual loans exceeding Rs 100 crore. In recognition of his excellent contributions, Parekh was honoured with the distinguished Padma Bhushan in 1992. The next merger of HDFC and HDFC Financial institution