According to the offer letter, Parekh was offered a basic salary of Rs 3,500 plus Rs 500 as a fixed Dearness Allowance in 1978. Besides his salary, Deepak Parekh was also entitled to a 15 per cent Housing Rent Allowance and a 10 per cent City Compensatory Allowance.
The merger of housing finance major HDFC with the country's largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said today.