Here's how much Deepak Parekh earned when he joined HDFC. See offer letter

The letter dated July 19, 1978 was for Parekh when he was offered a job as the Deputy General Manager at HDFC.

Former HDFC Chairman Deepak Parekh announced his retirement in a rather emotional letter ahead of the mega merger with HDFC Bank. The merger took place on July 1 making HDFC the fourth largest bank in the world. Meanwhile, Parekh announced his retirement on June 30 saying it is time for him to “hang up boots”.

While we are on this, let us tell you about a certain offer letter that has surfaced online. 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, Parekh’s basic salary was Rs 3,500 plus Rs 500 as a fixed Dearness Allowance. He was also entitled to 15% Housing Rent Allowance and a City Compensatory Allowance at 10%.

In addition, Parekh was also entitled to Corporation’s Provident Fund, gratuity, medical benefits and leave travel facilities as per rules. HDFC was also willing to reimburse the expense of his residential telephone.

Deepak Parekh was offered a job as the Deputy General Manager at HDFC.

Meanwhile, a heartwarming tribute was given to the veteran banker by RPG Chairman Harsh Goenka. The businessman compared the banker’s retirement to the day when Sachin Tendulkar retired. Goenka also hailed Parekh as a true titan in the financial world.

“In Deepak Parekh’s retirement, I feel the same today as I felt the day Sachin Tendulkar retired. A true titan in the financial world, a crisis advisor to both governments and many senior industrialists, he has been instrumental in making #HDFC a trusted and a household name,” Goenka tweeted while sharing a picture of Parekh.

"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.

Deepak Parekh, 78, will not be taking up any role in the bank. HDFC Chief Executive Officer Keki Mistry is likely to join the bank's Board subject to clearance from the Reserve Bank of India.