Hasmukhbhai Parekh: Growth of HDFC Bank

Hasmukbhai Parekh

Hasmukh Thakordas Parekh was a financial entrepreneur, writer, and philanthropist who contributed significantly to the development of India. In 1992, he received the Padma Bhushan award for his contributions to India’s finance industry at Industrial Credit and Investment Corporation of India, now ICICI Bank. An honorary fellowship was also awarded to him by the London School of Economics.

Hasmukhbhai Parekh Biography

Hasmukh Thakordas Parekh was born in Surat, Gujarat. His early years were spent living in a chawl with his father, Thakurdas, and working a part-time job while studying at the London School of Economics.

Afterward, he worked as a lecturer at St. Xavier’s College, Mumbai, for three years and then began his financial career with the stock brokerage firm Harkisandass Lukhmidass.

ICICI hired him as a deputy general manager in 1956, and he later became the Chairman and managing director. In 1976, he retired from the company and remained as Chairman until 1978.

While stepping down from ICICI at 66, he started HDFC, India’s first housing finance corporation, while he already had many honors to his name. Dr. Manmohan Singh told him that HDFC was an unknown venture and that no one knew whether it would “click” with the Indian people.

The project enthusiast, Hasmukh Thakordas Parekh, had already been assured of funding by overseas investors. H T Parekh Library (IFMR) is a reference library and archive. The resources are used by Institute faculty, research staff, students, and outside researchers.

Full NameHasmukh Thakordas Parekh
Born10 March 1911
Death18 November 1994 (Age 83)
NationalityIndian
ReligionHinduism
HometownSurat, Gujrat, India

What is the name of HDFC’s Chairman?

Deepak Parekh: India should become a more property-owning democracy where homeownership is seen as a sign of prosperity, said Deepak Parekh, Chairman of the country’s largest mortgage lender Housing Development Finance Corporation (HDFC), a recipient of the ET Excellence Honors for 2020.

When and how was HDFC formed?

HDFC Bank was incorporated on 30 August 1994 by Housing Development Finance Corporation Limited. In May 1995, HDFC Bank was listed on the Bombay Stock Exchange. It was listed on the National Stock Exchange on 8 November 1995. In 1996, the NSCCL appointed the Bank as a clearing bank.

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