The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC chairman Deepak Parekh said on Tuesday. The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters in Mumbai. The merger of the corporation with HDFC Bank will be effective July 1, Parekh said.
Noted housing finance expert Deepak Parekh will head an eight-member committee appointed on Tuesday by the ministry of housing and urban poverty alleviation to discuss the draft guidelines of government's ambitious Rajiv Awas Yojana which aims to make the country slum-free.
The Board of Control for Cricket in India, following a request from Sunil Gavaskar, interim president BCCI-IPL, has appointed Deepak Parekh as his special advisor for the 2014 season of the Pepsi Indian Premier League.
HDFC chairman Deepak Parekh on Monday said harmonisation of rules between banks and non-banks which reduces the regulatory arbitrage was one of the key factors which influenced the decision for merger between the largest home financier and HDFC Bank. Parekh, who said the merger discussions have happened over the last three weeks, noted that requirements like non performing asset recognition being at par and size-based regulations for non-bank finance companies are among the changes in landscape. Addressing a press conference after the surprise announcement earlier in the day, Parekh said the last three years have seen harmonisation in the regulations which reduce the "regulatory arbitrage" of running a separate home finance company.
Deepak Parekh is likely to step down as the executive chairman of Housing Development Finance Corporation (HDFC) by the end of the year. He is expected to take over as the non-executive chairman of the country's largest mortgage player.
Noted banker Deepak Parekh on Thursday pitched for simpler corporate governance norms that focus more on trust than just compliance, saying economics and ethics are not trade-offs but complementary. Behind each financial crisis there is a governance failure but it is the entire system that gets impacted, because an eruption of a corporate or financial crisis almost always means a tightening of rules and regulations and increased compliance for all, he said. The HDFC chairman, who was addressing a seminar on corporate governance organised by former Sebi chairman M Damodaran's advocacy Excellence Enablers in Mumbai, stressed that the ultimate objective should be that corporate governance systems must become simpler and not more complicated.
The Indian real estate market is on an upward cycle and residential housing continues to be the star of the sector, HDFC chairman Deepak Parekh said on Thursday. He added that unlike many other Western countries, the demand for housing in India is from genuine homebuyers and is not speculative in nature. "The India real estate market is on an upward cycle which bodes well for all of us. "The big star of the real estate sector continues to remain residential housing in India. "I hardly need to reiterate that demand for housing in India continues to remain robust," Parekh said while addressing the CII Real Estate event.
The new government would assume charge with swearing-in of Prime Minister designate Narendra Modi and members of his Cabinet on May 26.
He said trust and confidence were the backbone of any financial system and one should never underestimate the power of ethics and values.
If you don't want to lose business to China or Vietnam, rents have to stay in check.
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
In a significant step towards greater availability of long-term finance for the infrastructure sector, Finance Minister P Chidambaram
HDFC chairman Deepak Parekh on Friday exuded confidence that the synergies between HDFC Bank and the group companies will deepen with the bank taking on the mantle of ownership of the group following the reverse merger likely to be effective from Saturday. As chairman of HDFC Ltd, Parekh in the last message to the shareholders said home loans will now be complemented with HDFC Bank's core strengths -- its sales engine, execution capabilities at scale and deep insights on consumer behaviour. The reverse merger of parent HDFC Ltd with HDFC Bank is expected to be effective from July 1.
K K Mistry, currently vice-chairman and managing director, will take over as vice-chairman and CEO when Parekh steps down on January 1, 2010.
It is, thus, logical that some compensation is paid to a lender, especially when a customer is poached within two years, Parekh noted.
Deepak Parekh says AAP victory is a vote for change.
Recpaitalising banks through taxpayers' money will not solve the NPA problem.
All along, we were told SIR was an essential exercise carried out as part of the Election Commission's regular duties. But now that the ideological mentor of the ruling party has declared that SIR is a means of detecting infiltrators, one understands the unseemly haste with which it is being carried out, notes Jyoti Punwani.
Veteran banker and former chairman of HDFC Ltd Deepak Parekh has said that ICICI Bank had made an offer to take over mortgage lender HDFC Ltd but it was declined. HDFC Ltd, the parent entity of HDFC Bank, later merged with its banking subsidiary to create the country's biggest private sector lender.
While student housing, retirement homes, and co-living spaces are going to be new realty growth drivers, Parekh also said foreign investors have also been investing in a big way in good commercial projects, while warehousing is another segment where they are showing keen interest.
The country's largest housing finance company HDFC Ltd will merge with the country's largest private sector lender HDFC Bank, according to a regulatory filing. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), HDFC Bank said in the filing on Monday.
The chairman of mortgage giant HDFC Ltd in his annual letter to shareholders, also suggested a one-time restructuring of real estate loans, easing of external commercial borrowing rules and immediate changes in regulations to allow end-to-end execution of housing loans online.
Parekh ensures that he never forgets the importance of correctness.
Bullish over robust fundamentals and improving macroeconomic conditions, industry leader Deepak Parekh on Saturday said India currently has "exceptionally good conditions" in place to aspire for 10 per cent economic growth but much needs to be done to achieve that target.
As a consensus remains elusive on key economic policies like foreign investment norms, industry leader Deepak Parekh has said India's FDI policy is akin to 'inviting guests over to our house, but not opening the door'.
Legislative process in the country is unduly long and tedious
Parekh said divestment can unlock huge funds.
Parekh says drafting new I-T law is hindered by the lack of experience.
Mukesh Ambani, accompanied by younger son Anant and younger daughter-in-law Radhika Merchant Ambani, were among the many celebrities who attended Devendra Fadnavis' swearing in at Azad Maidan on Thursday afternoon.
Deepak Parekh, chairman of Housing Development Finance Corporation (HDFC), India's largest mortgage lender, says the exuberance in industry about the new government is justified but big ideas articulated by the prime minister need speedy implementation.
HDFC Chairman said a rock-bottom level of investment cycle in the country has indeed taken a toll on banking sector.
Eminent banker and Satyam board member Deepak Parekh on Wednesday said that the execution of strategies remains a challenge for Indian companies in the current market condition.
Noted banker Deepak Parekh has favoured a lower revenue share by cellular operators in order to allow full mobility to the wireless in local loop operators.
HDFC Chairman Deepak Parekh on Monday chose to voice the unspoken concerns of the investor community about over-regulation that had created problems for the Indian financial sector.
With inflation moderating slightly in recent weeks, HDFC chairman, Deepak Parekh, hoped that there would be no further interest rate hikes even though there was a feeling in the market that the peaking interest rates could go up by another 0.5 per cent.
Suggesting big-ticket reforms to attract investment in the infrastructure sector, a high-level committee on Wednesday recommended increasing electricity charges and rail fares.
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