NEW DELHI: The merger of HDFC Bank and Housing Development Finance Corporation (HDFC Ltd) merger, which got here into impact from July 1, was one of many largest developments within the banking sector in latest occasions. After the much-talked-about merger, the HDFC Bank has turn into the biggest financial institution within the nation when it comes to market capitalisation. Just a day forward of the merger, HDFC financial institution’s former chairman Deepak Parekh resigned from his put up and shared an emotional notice with the financial institution’s staff through which he mentioned that it was “time to hang my boots”.
“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. The HDFC experience is invaluable. Our history cannot be erased and our legacy will be taken forward,” Parekh mentioned in his retirement letter.
Soon after that, a put up claiming to point out a 45-year-old letter – when Deepak Parekh was first provided a job on the HDFC Bank in 1978 – went viral on social media. The letter, courting again to July 19, 1978, additionally revealed particulars of the wage provided to Deepak Parekh again then and different phrases and situations of the employment contract.
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Please notice Zee Media can’t confirm the authenticity of the letter.
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Deepak Parekh hangs up his boots after a 45-year profession at #HDFC
 His appointment letter dated July 19, 1978. He joined as Deputy General Manager of HDFC for a fundamental wage of Rs 3,500
Truly the top of an period!#HDFCMerger pic.twitter.com/9Z7qedifTK
— Shilpa S. Ranipeta (@Shilparanipeta) June 30, 2023
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Back then, Parekh joined his uncle’s agency HDFC Limited as a Deputy General Manager. According to the provide letter, Parekh was provided a fundamental wage of Rs 3,500 plus Rs 500 as a hard and fast Dearness Allowance. Besides his wage, Deepak Parekh was additionally entitled to a 15 per cent Housing Rent Allowance and a ten per cent City Compensatory Allowance.
As per the letter, Deepak Parekh was additionally provided the company’s Provident Fund, gratuity, medical advantages, depart journey services, and reimbursement of residential cellphone bills. After the merger, Parekh won’t be serving on the financial institution’s board, owing to guidelines by the Reserve Bank of India (RBI) on age limits.
During his 45-year-old profession, Parekh has been chargeable for taking 5 firms public and stitched collectively not less than seven M&A offers. Under Parekh, HDFC has supplied greater than NINE million Indians with house loans and grew its mortgage ebook to Rs 7.24 lakh crores. The mortgage lender now instructions greater than a 3rd of the general house mortgage market.
HDFC Bank agreed to the USD 40 billion deal on April 4 final yr. The HDFC Bank is now 100 per cent owned by public shareholders, and current shareholders of HDFC personal 41 per cent of the financial institution. HDFC Bank’s market worth has elevated considerably following the merger, making it the richest financial institution in India. As of July 7, HDFC Bank had a market worth of Rs 9,28,657.99 crore.
