I am never tired of dreaming about growth and progress, and about the betterment of living, about human welfare- Hasmukhbhai T. Parekh
“When there is a will, there’s a way” and the founder of HDFC, Hasmukhbhai T. Parekh has made it possible.
Hasmukhbhai T. Parekh’s early life and education
Born in colonial India, to a Jain family in Surat, Parekh spent his childhood living in a chawl with his father. This financial entrepreneur, philanthropist is a graduate from London School of Economics but the road to success was not easy as he series faced of hardships initially, juggling between part-time jobs and studies.
Hasmukhbhai T. Parekh and HDFC
Parekh stepped into the world of finance by joining Harkisandass Lukhmidass and later joined ICICI. He climbed the corporate ladder becoming the Managing Director and served as loyal employee for sixteen long tears. After exiting ICICI, he worked hard to start his own company and Housing Development Finance Corporation (HDFC) was born, the first of its kind for housing finance in India. The idea behind the company was very new and as envisioned by Parekh the company was well accepted by the Indian masses.
Hasmukhbhai T. Parekh and charities
The H T Parekh Foundation is the philanthropic arm of Housing Development Finance Corporation Limited (HDFC). Since inception, HDFC had provided financial assistance to 8.4 million families to make their home dreams come true, and has emerged as a financial conglomerate with the group’s presence in the banking, asset management, insurance, education.
HDFC was set up with the idea of fulfilling a societal need by Shri H T Parekh with the objective of fulfilling the aspiration of owning a home for working-class Indians. The Foundation was established in 2012 to commemorate Shri H T Parekh’s significant contribution toward development.
In 1992, HT Parekh, the “Man who saw Tomorrow” was honoured with the third highest civilian award — Padma Bhushan award for excellence in trade and industry.
A company founded by a man who was brought up in a chawl, merged with HDFC Bank in 2023. It has a worth of Rs 9.22 trillion. As of July 2023, it is the fourth largest bank based on market capitalisation in the world.
