Mumbai, India – In a significant announcement that has sent ripples across the financial sector, Deepak Parekh, the stalwart chairman of Housing Development Finance Corporation (HDFC), declared his retirement after an illustrious tenure spanning over 45 years with the corporation.

Parekh’s journey with HDFC has been nothing short of remarkable. From its inception to its rise as one of India’s premier financial institutions, Deepak Parekh has been at the helm, steering the corporation through various challenges and milestones. In a recent revelation, Parekh shared that his initial proposal to establish HDFC Bank faced rejection by the board of directors at HDFC. This candid admission sheds light on the myriad challenges he encountered during his tenure.

Reflecting on his career decisions at the Global Fintech Fest 2023, Deepak Parekh emphasized the principles of fairness and integrity that have been the bedrock of his leadership. One of the most pivotal moments in his career was his decision to step down as the Executive Chairman of HDFC at the age of 65. This move, he mentioned, was among the toughest he had to make, underscoring the deep commitment and attachment he has for the institution he helped build.

As the financial world speculates on the future of HDFC, especially with talks of its merger, Deepak Parekh‘s legacy remains firmly etched. Last year, he poignantly remarked, “As the son grows older, he acquires the father’s business,” hinting at the evolving dynamics of the corporation.

Furthermore, Deepak Parekh highlighted the challenges of debt recovery in India, emphasizing the need for a robust mechanism. His insights and expertise on the subject have been invaluable, shedding light on areas that require attention and reform.

As the chapter closes on Deepak Parekh‘s remarkable journey with HDFC, the financial world awaits the next phase of HDFC’s evolution, with the legacy of its visionary leader guiding its path.