Former HDFC Chairman Deepak Parekh recently announced his retirement before the mega merger of HDFC and HDFC Bank. The merger took place on July 1, following which, HDFC became the fourth largest bank in the world.
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Parekh, who retired from HDFC on June 30, was offered a job as the Deputy GM at HDFC in 1978. An offer letter dated July 19, 1978 has surfaced online. It has revealed Parekh was offered a basic salary of Rs 3,500 and Rs 500 as a fixed Dearness Allowance (DA).
The 78-year-old was also entitled to 15% Housing Rent Allowance (HRA) and a City Compensatory Allowance at 10%. Moreover, Parekh was also entitled to Corporation’s Provident Fund, gratuity, medical benefits and leave travel facilities as per rules.
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HDFC Bank is the biggest private bank in India. It was founded by Deepak Parekh’s uncle HT Parekh in the 1970s. Deepak completed B Com from Mumbai University and did chartered accountancy there. He did his schooling from St. Xavier’s High School, Mumbai. He worked with Ernst & Young in London. He also cleared the Certified Associate of Indian Institute of Bankers (CAIIB).
