Winning Bizness Desk

Mumbai. The merger of HDFC and HDFC Bank was implemented from July 1 and one day before- on June 30- Deepak Parekh of HDFC had announced his retirement from the post of chairman. MEanwhile, a letter of HDFC dated July 19, 1978 i.e. almost 45 years ago is now going viral on social media, which is said to be of Deepak Parekh's offer letter. According to this, Deepak Parekh was offered a salary of Rs 3,500 at the time of joining HDFC. A fixed dearness allowance of Rs 500 was also given. Parekh was also given 15 percent residential allowance and 10 percent City Compensatory Allowance. The bank also agreed to pay the phone bill at his residence.

HDFC and Deepak Parekh: Made for each other

HDFC and Deepak Parekh have been an equation for the last 45 years. Parekh contributed a lot in the development of HDFC. Now HDFC and HDFC Bank have been merged. But the day before that, Deepak Parekh announced his retirement and ended his journey with HDFC. Notably, under the leadership of Deepak Parekh, HDFC Bank has given home loans to more than ninety lakh Indians, disbursing loans worth Rs 7.24 lakh crore. HDFC Bank accounts for one-third of total home loans in the country.

Deepak Parekh's emotional letter on retirement

At the time of retirement, Deepak Parekh wrote an emotional letter. Parekh has written, 'Only time will tell what will happen in the future. But the biggest risk facing financial institutions today is maintaining the status quo. Along with this, one has to maintain the belief that the good work done in the past will continue in the future. Change requires courage, as it takes one out of one's comfort zone. Deepak Parekh said that it is time to retire with hopes and expectations for the future. Although this is my last interaction with the shareholders of HDFC, we look forward to an exciting future of growth and prosperity.