Parekh resigns as HDFC Life Chairman : Keki Mistry to chair the board

Utkarsh Classes Last Updated 20-04-2024

Parekh resigns as HDFC Life Chairman : Keki Mistry to chair the board

Appointment 5 min read

Banker Deepak S Parekh resigned from the post of chairman and non-executive director of HDFC Life Insurance on April 18, 2024. Now Keki Mistry has been appointed the Chairman of HDFC Board in place of Deepak Parekh.

Keki Mistry becomes chairman of HDFC board:

HDFC Life Insurance Company has appointed Keki Mistry new chairman of the board.
The company's board has unanimously approved Keki Mistry's appointment as Chairman of HDFC Life Insurance with immediate effect. This decision will be implemented after getting the permission of the Insurance Regulatory and Development Authority (IRDA).
Mistry has been associated with the company since December 2000 and currently serves as a non-executive director.
With the merger of HDFC Limited with HDFC Bank, Mistry retired from HDFC Limited. He has been appointed as a Non-Executive Director on the Board of HDFC Bank Limited. Mistry has also been a director on the boards of several other major companies.

Deepak Parekh has received Padma Bhushan:

Deepak S Parekh received the Padma Bhushan from the Government of India in 2006 for his contributions to industry and trade. The Maharashtra government has given this veteran banker a lot of respect in the industry.
Recently, Nephro Care India Limited, a company backed by former HDFC Bank chairman and banking sector veteran Deepak S Parekh, has also started preparations for IPO. The company has submitted IPO documents to NSE Emerge.

HDFC Life Insurance Quarterly Results 2023-24:

Talking about the quarterly results of HDFC Life Insurance, the net profit of the company in the January-March quarter of the financial year 2023-24 has been Rs 411 crore. It has registered an increase of 14.8 percent on an annual basis. In the corresponding quarter of the prior fiscal year, the company recorded a net profit of Rs 358 crore.

Other decisions of HDFC Life Insurance:

The company also said that VK Vishwanathan and Prasad Chandran shall cease to be independent directors of the company after completing their two consecutive terms of five years each on April 24, 2024.
The company has also appointed Venkatraman Srinivasan an independent director. The company's board has approved the appointment of Venkatraman Srinivasan as additional-independent director.

Merger of HDFC Limited and HDFC Bank:

Housing finance company HDFC Limited and private retail bank HDFC Bank merged in July 2023. The merger of these two would create a mega entity.

HDFC's global position now:

After the merger, HDFC Bank has become the fourth largest bank in the world in terms of market cap. Its valuation would be around $172 billion.

Other big banks from HDFC Bank globally:

HDFC Bank is the fourth largest bank globally; The other three big banks include:
- JP Morgan Chase Bank
- Industrial and Commercial Bank of China
- Bank of America
After the merger, HDFC's customer base reached 12 crores, which is more than the population of Germany.
In terms of market cap, HDFC is ahead of SBI and ICICI Bank.
It has become the most valuable company in the Indian market after Reliance Industries.