Hasmukhbhai Parekh facts for kids

Hasmukh Thakordas Parekh (born March 10, 1911 – died November 18, 1994) was a very important person in India's finance world. He was an entrepreneur, which means he started new businesses, and he also helped people through charity. He played a big part in building the Industrial Credit & Investment Corporation of India, which is now known as ICICI Bank. He also started the Housing Development Finance Corporation (HDFC), which helps people buy homes. In 1992, he received the Padma Bhushan award, one of India's highest honors, for his amazing work in finance. He was also given a special award from the London School of Economics.

Life Story of H.T. Parekh

Hasmukh Thakordas Parekh was born into a Jain family in Surat, Gujarat, India. When he was young, he lived in a simple home called a chawl with his father, Thakurdas. He worked part-time while studying at the famous London School of Economics.

Early Career and Education

After his studies, Hasmukh Parekh worked as a teacher at St. Xavier's College in Mumbai for three years. Later, he began his career in finance at a stockbroking company called Harkisandass Lukhmidass. This was the start of his journey in the world of money and investments.

Joining ICICI Bank

In 1956, he joined ICICI as a Deputy General Manager. He worked his way up and became the chairman and managing director in 1972. He retired from this role in 1976 but stayed on ICICI's Board as Chairman until 1978. He helped ICICI grow into a major financial institution.

Starting HDFC: Helping People Buy Homes

Even after achieving so much and retiring from ICICI at age 66, Hasmukh Parekh wasn't done yet! He decided to start a brand new organization called the Housing Development Finance Corporation (HDFC). This was the first company of its kind in India to help people get loans to buy their own homes.

When he met Dr. Manmohan Singh, who was the Secretary of Finance at the time, Dr. Singh wasn't sure if HDFC would succeed. But Hasmukh Parekh was very excited about his idea. He had already gotten promises of money from investors in other countries. His vision was to make homeownership possible for many more Indian families.

H.T. Parekh Library

There is a special library named after him, the H.T. Parekh Library (IFMR). It's a place where teachers, researchers, and students can find books and information for their studies and projects.