‘End of an era’: This was Deepak Parekh's salary when he joined HDFC 45 years ago; offer letter goes viral
₹3,500 plus ₹500 as a fixed Dearness Allowance. He was also entitled to 15 per cent Housing Rent Allowance and a City Compensatory Allowance at 10 per cent.
The 78-year old was also entitled to Corporation’s Provident Fund, gratuity, medical benefits and leave travel facilities as per rules. HDFC was also willing to reimburse the expense of his residential telephone, as per the letter.
With a 45-year career with HDFC, Parekh has left behind a once-in-a-century legacy that in the country's financial services sector. After the merger, Parekh will not be serving on the bank’s board, owing to rules by the Reserve Bank of India (RBI) on age limits.
Parekh has been responsible for taking five companies public and stitched together at least seven M&A deals. Under Parekh, HDFC has provided more than NINE million Indians with home loans and grew its loan book to ₹7.24 lakh crores.
The mortage lender now commands more than a third of the overall home loan market. This copy is being updatedGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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