HDFC boss Deepak Parekh to head infrastructure panel

Famous banker Deepak Parekh has been appointed as chairman of Financing Infrastructure, a high-level committee set up two years ago to review policies and recommend changes to bring in investment for the sector.

The committee - set up in November 2010 under the chairmanship of former Reserve Bank of India deputy governor Rakesh Mohan - will work on investments under the 12th Five-Year Plan period (2012-17).

Parekh, chairman of Housing Development Finance Corp Ltd (HDFC), the country's leading housing finance company, will function in an honourary capacity with the rank of a minister of state.

Parekh is also a part of the sub-committee of the Prime Minister's Council on Trade and Industry for Promoting Financial Inclusion and a member of the expert group on restructuring of Hindustan Aeronautics Ltd (HAL).

Parekh is known for his frank views on various policy issues and has often been drawn in for consultation during crisis situations including in Satyam and UTI cases.


A chartered accountant by profession, Parekh - who began his career with Ernst & Young Management Consultancy Services in New York - joined HDFC in 1978.

While setting up the committee on Financing Infrastructure, the government had said in November 2010 that it would have a tenure of 18 months. Among other things, the committee would make recommendations relating to financing of the projected investment of Rs 40,99,240 crore (over $ 1 trillion) during the 12th Five-Year Plan period (2012-17).

The other members of this committee are R. Gopalan (secretary, Department of Economic Affairs), D. K. Mittal (secretary, Department of Financial Services), J. Hari Narayan (chairman, Insurance Regulatory and Development Authority), Yogesh Agarwal (chairman, Pension Fund Regulatory and Development Authority), Subir Gokarn (deputy governor, Reserve Bank of India), Pratip Chaudhuri (chairman, State Bank of India), D. K. Mehrotra (chairman, Life Insurance Corporation of India), Satnam Singh (chairman, Power Finance Corporation), Chanda Kochhar (chief, ICICI Bank) and Rajiv Lall (chief, IDFC).

Courtesy: Mail Today