Deepak Parekh is a prominent Indian Banker and the current Chairman of Housing Development Financing Corporation (HDFC) one of the top mortgage finance company of the country. Besides being the chairman, the well-known finance expert of the country also consults the Indian government during crisis from time to time and has served as an independent director to Satyam Computer Services in 2009. Based in Mumbai, Parekh is also associated with international organizations like Indo-US CEO Forum, City of London and Indo-German Chamber of Commerce. He has been praised for his contribution to the Indian economy and has been awarded by the Padma Bhushan Award in 2006.
Born on 18th October 1944 in Mumbai, Parekh completed his schooling from St. Xavier’s High School from Fort in Mumbai and later he pursued his Bachelor of Commerce degree from the Sydenham College in Mumbai and after completing his graduation, he went to England in 1965 to qualify as a Chartered Accountant with the ICAEW and he completed his articles with Whinney Smith and hinney in London. In the first attempt itself, he was successful to clear his ACA exams and later in 1970, he began his career with the Ernst & Ernst Management Consultancy Services in New York and thereafter he worked as the assistant representative of South Asia with the Grindlays Bank and Chase Manhattan Bank for about three years each. Later in 1978, he joined HDFC and later in 1985, he was promoted to the post of Managing Director and later in 1993 he became the Chairman of HDFC. Besides this, he was appointed as the NonExecutive Chairman of the Infrastructure Development Finance Company Ltd (IDFC) in 1997. IDFC is a government enterprise for infrastructure projects. He is also the NonExecutive Chairman in India for BAE Systems India Pvt Ltd. till 2008, he also served as the Chairman of Glaxo India Ltd. he is also the NonExecutive Chairman of Siemens and is on the boards of Fairfax India Holding Corporations, Indian Hotels Company Ltd., Mahindra & Mahindra Ltd, Network 18 Media and Investments ltd and international boards of DP World- UAE and Vedanta Resource. He is a member of the advisory board for the world’s biggest student determined organization AIESEC India. He has also been a part of many committees made by the Indian Government and was appointed as the Chairman of a high level expert committee to suggest the ideas for growth of Unit Scheme in 1964. The Indian government also has appointed him as the Chairman of the Advisory group for the Securities Market Regulation by the Reserve Bank of India. During the Indian Premiere League (IPL) 7, he was appointed as the advisor to the then interim chairman of IPL Sunil Gavaskar.
Deepak Parekh is married to Smita Parekh and the couple has two children Aditya Parekh and Siddharth Parekh. He has played a key role for the development of the Indian financial sector and also helped in developing the economic relations between India and France. For his contribution to the Indian economy, he has been a recipient of many awards and nominations. In 1996, he won the Businessman of the Year from Business India and the JRD Tata Corporate Leadership Award by All India Management Association (AIMA). For his contribution in service sectors, he was also the first recipient of the Qimpro Platinum Award for Quality. In 2006, Mr Parekh was honoured by Padma Bhushan and he was also the youngest recipient of the prestigious Corporate Award for Life Time Achievement from the Economic times. in the year 2009, he attended a state dinner at the White House hosted by US President Barack Obama in honour of the then Indian Prime Minister Manmohan Singh. In the same year, he received the Outstanding Business Leader Award from CNBC-TV18. In 2010, he became the first international recipient of the ‘Institute of Chartered Accountants in England and Wales’ and received the Outstanding Achievement Award for his contribution. In 2012, he received the ‘Lifetime Achievement Award’ at the NDTV Profit Business Leadership Awards 2012 and in 2014, he received the Lifetime Achievement Award at the Businessworld Magna Awards. Apart from these, he has also been honoured from many countries. He has received the ‘Bundesverdienstkreuz’ Germany’s Cross of the Order of Merit, one of the highest distinctions by Germany in 2014. In 2010, he was also honoured with the ‘Knight in the Order of the Legion of Honour’ one of the highest distinction by the French Republic. Parekh is known for making it possible for the middle class Indians to own houses or flats by providing loans at affordable rates.