What does the prodigal son of a banker do? Follow the father of course. In this case, the chip of the old block not only wore the mantle well, but outshone the earlier generations. Meet Deepak Parekh, the young Chairman of India's premier Housing Finance Institution, Housing Development Finance Corporation (HDFC). Once an average, shy student at Mumbai's St Xavier's School, and the Sydenham College of Commerce and Economics, Parekh flowered when he moved to Britain for Chartered Accountancy. After a year's stint with the consultants, Ernst and Ernst, in New York, Parekh joined Grindlays Bank's fledgling merchant banking division in India in 1972. Three years later, he was the first Senior Manager recruited locally by the Chase Manhattan Bank, training in Hong Kong and Singapore.

He resigned later because he did not want to go to West Asia, Parekh took a salary cut and joined his banker uncle HT Parekh, then heading the Industrial Credit and Investment Corp of India to launch the nation's first financing operation - the HDFC. Under his leadership, HDFC has grown from its humble beginning as a mortgage provider to the middle class households in India, into a financial powerhouse with its activities diversifying into Banking, Asset Management, Life Insurance, General Insurance, BPO, Credit Bureau and Real Estate Venture Fund. Admittedly, the first decade was tough without much investment with only occasional help such as the Rs.700-crore World Bank loan. But he shared with his uncle and Agha Khan, who provided the zeal and part of the finances, the humanitarian philosophy behind the business of providing housing finance for the middle class. And with a network of 30,000 agents, it has already fulfilled the dreams of over a million Indians to own a house even as more than 5,000 countrymen join the queue for a loan everyday. Smart investments and good recovery has seen the HDFC corner 55% of the market, growing at an amazing 30 percent annually.

With his vast understanding of people and culture that combines perfectly with his management skills, Parekh is widely consulted by the Government on a wide range of issues of national importance and has been a member of various Government appointed committees and advisory panels, which includes financial services, capital markets and infrastructure sector reforms. As a member of the Investment Commission appointed by the Govt. of India, the three-member committee is expected to make recommendations to the Government both on policies and procedures to facilitate greater FDI inflows into India. The commission would interact closely with corporates in India and abroad to solicit foreign and domestic investments and act as a facilitator between potential investors and the official machinery.

With dynamic business acumen, Parekh has always managed to leave competition far behind. In recognition of his achievements and contribution to Indian business, Parekh has been bestowed with several honors. A recipient of the 'Padma Bhushan' in 2006, 'Best Non Executive Director 2006' by the Asian Centre for Corporate Governance, 'The Economic Times Life Time Achievement Award' in 2003, the 'JRD Corporate Leadership Award' in 1997 and 'Businessman of the Year' by Business India in 1996, among others. Besides this, HDFC was awarded the Outlook Money Best Home Financier Award for being the housing finance company that helped individuals the most in realizing their dream of owning a home of their own. Parekh, was inducted into the Outlook Money Hall of Fame for having distinguished himself in business in a manner that serves Indian householders exceedingly well over long periods of time, and conducting himself with a heightened sense of social consciousness. The extremely rigorous awards methodology was given the stamp of approval by a distinguished panel of jurors representing various fields.

The process was validated by global audit firm Ernst & Young. Parekh, who juggles multiple roles as a Non-Executive Chairman of HDFC Chubb General Insurance Ltd, HDFC Standard Life Insurance Company Ltd, HDFC Asset Management Company and Infrastructure Development Finance Company Ltd, was also unanimously chosen by the Board of Directors of Siemens Ltd, as Chairman. Other than these companies, he is also the Non-Executive Chairman of Glaxo Burroughs Wellcome (India) Ltd, and is on the Board of several companies such as Castrol BP India, Hindustan Lever Ltd, Mahindra & Mahindra and Indian Hotels Company. He is a member of the Institute of Chartered Accountants - England and Wales. He is a man who has not set limits for himself and there is no limit to what more he can achieve.