IBLA 2023 19th Edition: Former HDFC chairman Deepak Parekh inducted into the Hall Of Fame

Deepak Shantilal Parekh, a name synonymous with India's banking and finance industry, and former chairman of Housing Development Finance Corporation (HDFC), was inducted in the Hall of Fame award at the 19th edition of CNBC-TV18's India Business Leader Awards (IBLA) held in Mumbai on December 2.

Parekh’s legacy, spanning over 45 years, began with introducing home loans in India, a country then eager for owning their own homes. Today, he continues to influence the sector with a range of financial solutions including insurance, banking, stockbroking, and advisory services.

Under Parekh's guidance, HDFC empowered over nine million Indians to own homes, growing its loan portfolio to a remarkable ₹7.24 lakh crore. From overcoming skepticism to executing the largest corporate merger in Indian history, Parekh's journey has been extraordinary. His strategic foresight and acumen have reshaped India's private sector banking landscape and have had a significant impact on financial services and policy.

At the age of 78, Parekh stepped back from active operations at HDFC, leaving behind a legacy of a merged HDFC and HDFC Bank. This entity now stands as India's largest private sector bank by assets, the world's fifth-largest by market capitalization at over $150 billion, and the sixteenth largest employer in India.

Deepak Parekh is also the recipient of the Padma Bhushan (2015), Germany's 'Cross of the Order of Merit' (2014), and France's 'Knight in the Order of the Legion of Honour' (2010), among others awards. In 2010 he became the inaugural non-British recipient of the 'Outstanding Achievement Award' from the Institute of Chartered Accountants in England and Wales.

Today, HDFC Bank stands as a testament to Parekh's career, characterised by leadership, vision, unwavering spirit, and boldness. We celebrate the accomplishments of this industry titan.