Shri H T Parekh
Shri H T Parekh
Born on March 10, 1911 to a banking family at Surat, Shri Hasmukh Thakordas Parekh, fondly referred to as ‘Hasmukhbhai’, was the doyen of the Indian housing and financial sectors.
He was shaped by the strong values of integrity and philanthropy held by his parents. Growing up in the Gandhian era had a deep impact on his values and philosophy.
A graduate in Economics from Mumbai, Shri Parekh also pursued a B.Sc. degree in Banking & Finance from the London School of Economics.
Chairman of ICICI and the creation of HDFC
Shri H T Parekh was the Chairman of ICICI Ltd. between 1972 - 1978. He was instrumental in helping the first generation of entrepreneurs of India live their dreams and in turn was able to bolster India’s economic growth. At an age of 66, when most people think of retirement, Shri H T Parekh was determined to set up his most ambitious enterprise. His lifelong dream of helping Indians own their home led to the formation of the Housing Development Finance Corporation Limited (HDFC) in 1977.
Shri H T Parekh set up HDFC without any financial assistance from the Government of India, which was a milestone in the Indian financial history. It was under Shri Parekh’s leadership and direction that HDFC grew manifold while being strongly rooted in the principles of integrity, transparency and professionalism.
Padma Bhushan and Social Development
Shri H T Parekh also devoted a lot of his time and energy to social development. He was an extraordinary man who always put others before him. He believed in service without publicity and personal gain. He was awarded the Padma Bhushan in 1992 for his diverse achievements. In 1986, he was one of the founders of the Centre for Advancement of Philanthropy and served as its Chairman until his retirement in 1993. His concern and love for the city of Mumbai (erstwhile Bombay) led him to form the Bombay Community Public Trust in 1991. This venture was designed specifically to address the needs of disadvantaged citizens in the city of Mumbai. He took the initiative to finance Mumbai’s first public toilet by any corporate house ‘Sulabh Shauchalaya’. Additionally, he served as a trustee of the Sameeksha Trust, Saurashtra Trust, Kasturba Gandhi National Memorial Trust, The India Foundation, The lndia Heritage Trust, and The Chakallas Puraskar Trust.
Shri H T Parekh also served as the President of the Social Service League. This non profit institution undertakes activities in several areas such as adult education, medical relief, technical education, cultural activity, industrial schools for women, night schools, children’s education classes, mobile libraries and gymnastic institutions among others. Shri H T Parekh was also the Chairman of the IMC Economic Research and Training Foundation for nearly 16 years.