Deepak Parekh

Global headwinds are likely to slow down India's GDP growth, but the country is more resilient than many large economies, HDFC chairman Deepak Parekh said on Saturday. India has enough tailwinds with political stability, vaccine security, food security, a robust domestic consumption-based economy, digitisation initiatives and a robust regulatory system for the financial sector, Parekh said at SPJIMR's Centre for Family Business and Entrepreneurship (CFBE) event. "India is not immune to the global shocks but has proved to be more resilient than many large economies. For sure, India's GDP growth will slow down because of global headwinds," he said. For startups, he said, "many investors still have plenty of dry powder for good, innovative ideas, but the days of cash burn and high valuations are behind us". Entrepreneurship in India has exploded because of the conducive startup environment in the country and India has the third largest number of startups after the US and China, Parekh

According to HDFC's latest annual report, the mortgage lender has over 10 subsidiaries, including HDFC Life Insurance, HDFC Ergo General Insurance, and HDFC Asset Management

The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said

Parekh said the voting process of shareholders on the proposed merger has received "fair amount of votes" from shareholders already

It will be a $7.5 trillion economy within 5 years, says chairman of HDFC Ltd

Noted banker Deepak Parekh has underlined the need for the financial sector to come together to take the lead to create a data bank on green loans in the way they created credit bureaus more than two decades back. Admitting that there is a severe lack of quality data on the emission risks/climate risks, Parekh, who is also the chairman of the nation's largest pure-play mortgage lender HDFC, said, Hiding lack of data is not an excuse because the key point is that we have got to start somewhere and we are at an inflexion point on climate risk." "There is no reason why our financial system cannot collaborate together on climate risk and measuring financed emissions. "We've set up many repositories in the past, and we have the technology to support easily available and I am sure some of our larger financial institutions can take the lead to work together to have a single platform wherein they can use common data to determine climate risks and begin to measure their financed emissions, .

Currency's depreciation not a reflection of the economy, says HDFC Ltd chairman

Finance industry veteran Deepak Parekh on Wednesday said regulators are lenient on state-run companies, and there is a need to have a parity between public and private enterprises. He said the leniency is seen in various mandates like adhering to having required number of independent directors or women directors on board, and added that there is a "little less accountability" in the public sector. "Regulators are a bit lenient on public sector companies," Parekh said, speaking at the launch of the book "The Undercover Monk" here. Parekh, who is the chairman of mortgage major HDFC which is presently seeking regulatory nods for merging with subsidiary HDFC Bank, added, "same rules should apply on governance and disclosure norms". Parekh said sometimes, government nominee director's unavailability leads to cancellation of a meeting and recounted an experience while serving a state-run company's board. Parekh said after reaching New Delhi, he was informed that the meeting was postpone

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A home loan is for a long tenor and during this period there are bound to be both upward and downward interest rate cycles, he said

Despite high growth, India's MF AUM-to-gross domestic product ratio is a low 16 per cent, against the global average of 74 per cent, he said

Says India could double the size of home loan business to $600 billion in 5 years

The board of directors of HDFC and HDFC Bank on April 4 had approved the plan for an all-stock deal merger

HDFC Capital is a wholly owned subsidiary of HDFC and is in the business of managing private equity funds focused on the real estate sector in India.

The merger of HDFC Bank and HDFC shall help the former become the most valuable bank outside of China and the United States

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"It will take about 15 to 18 months. We are quite hopeful that we will get the approvals from the regulators," Parekh said

Parekh said he is confident that the regulators will approve the merger scheme announced earlier in the day