If a person’s image is said to precede him, then in the Indian banking circles there is no one for whom the adage holds true if not Mr. Deepak Parekh. Reforms pave the way for investors to see an economy vis-à-vis the rest when a level playing field exists or atleast provides a semblance of something of the sort. In the Indian context, one man whose word does count when the Government sets the reformist agenda is Mr. Parekh. He has tread tedious yet manageable path in order to make an organization succeed despite all the barriers.
Indian Banking: A trailblazer and anchor
The protracted battles for one-upmanship for implementing ideas that one believes to be better than those coming from the clique were taken up with ease by Mr. Deepak Parekh. He was a part of the M Narasimham committee on banking reforms. The 28 year career path that eventually made him the Chairman of HDFC Bank in 1993 began with his stint with Ernst and Young Consultancy Services in New York in 1975. Another organization that he has nurtured since its inception was the Infrastructure Development Finance Company. IDFC played a significant role in supporting infrastructure development in India. It’s only Mr. Parekh’s stints with HDFC and IDFC that are talked about and make him a man of unquestionable repute. He has left an indelible mark on not just the private banking sector in India but the housing finance sector. In the immediate era post the 1991 reforms, there was a little trust in the Indian economy or the financial sector. Those who worked in the sector during that period created the foundation for the edifice of the Indian banking sector to stand on. The retail and housing finance sectors flourished in the two decades post 1991 and despite banks across the world going bust during and post the 2007 crisis, Indian banks have managed to steer clear of issues that would mark an end to easy capital availability for the sectors. The combined impact of the above stated two factors, high interest rates and inflation could not nullify the push that the flourishing banking sector gave to retail banking and housing finance in particular. His stints with a few other foreign banks, namely Grindlays and Chase Manhattan, do not normally feature amongst those that are seen to epitomize his excellence.
Private sector player firefighting for the Government: UTI US-64
Apart from the responsibilities that came with him being a part of several Government formed committees, he was assigned the task of giving recommendations that would decide the fate of small savers who had invested in the US -64 scheme. He was given charge of that committee in 2001. In a democratic setup, small savers play a significant role and can even turn the public opinion against the Government. The same holds true even when it comes to helping out those having invested in Sharda chitfund or Sahara saving schemes in the recent years. Mr. Deepak Parekh was thus entrusted with saving the Government of the day in 2001. He has also served as the Chairman of expert groups constituted by RBI or specific ministerial departments. You might also like other career stories like
The career story of Indian woman banker Arundhatti Bhattacharya
Career story of RBI governor Raghuram Rajan
Happy reading!
