'Rs 3,500 Basic Salary,' Deepak Parekh's 1978 Offer Letter Goes Viral After The HDFC Veteran Retires

Former HDFC Chairman Deepak Parekh announced his retirement in an emotional letter on June 30, just a day before the mega merger with HDFC Bank.

As the merger took place on July 1st and made HDFC the fourth-largest bank in the world in terms of market cap, Parekh announced his retirement, saying it was time for him to "hang up boots."

Deepak Parekh's HDFC Offer Letter Goes Viral

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While the banking world absorbs the retirement of one of the most admired veterans in the industry, the former HDFC Chairman's offer letter has gone viral. The letter dated July 19, 1978, was for Parekh when he was offered a job as the Deputy General Manager at HDFC.

According to the components of the offer letter, Deepak Parekh¡¯s basic salary was Rs 3,500 plus Rs 500 as a fixed Dearness Allowance. He was also entitled to a 15% Housing Rent Allowance and a 10% city compensatory allowance.

In addition, Parekh was also entitled to the corporation¡¯s Provident Fund, gratuities, medical benefits, and leave travel facilities as per rules. HDFC was also willing to reimburse the expense of his residential telephone, as per the Moneycontrol report.

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What He Wrote In His Last Letter As HDFC Chairman

"It is my time to hang my boots with both anticipation and hope for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity," Parekh told shareholders amid his retirement, as per various media reports.

78-year-old Deepak Parekh will not be taking up any role in the bank. HDFC CEO Keki Mistry is reportedly expected to join the bank's Board subject to clearance from India's central bank, the RBI (Reserve Bank of India).

Also Read: Woman's Brutally Honest Answer To Startup's Job Offer Goes Viral

World's 10 Largest Banks After HDFC Merger

As per the Bloomberg report, here¡¯s the list of the world's 10 biggest banks after the mega merger (as per their market cap in June):

1. JP Morgan Chase

$416.5 billion

2.ICBC

$228.3 billion

3. Bank of America

$227.7 billion

4. HDFC (combined)

$171.8 billion

5. Agricultural Bank of China

$168.9 billion

6. China Construction Bank

$162.8 billion

7.HSBC

$156.6 billion

8.Wells Fargo

$156.2 billion

9. Bank of China

$147.3 billion

10.Morgan Stanley

$144.2 billion

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