Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company.
It became a Public Limited Company in December 1939 and later the name was changed to Dena Bank.
In July 1969 Dena Bank along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in addition to the business of banking, the Bank can undertake other business as specified in Section 6 of the Banking Regulations Act, 1949.
Dena Bank has been the first Bank to introduce - Minor Savings Scheme, Credit card in rural India known as 'DENA KRISHI SAKH PATRA' (DKSP), Drive-in ATM counter of Juhu, Mumbai, Smart card at selected branches in Mumbai and Customer rating system for rating the Bank Services.
Milestones
- One among six Public Sector Banks selected by the World Bank for sanctioning a loan of Rs 72.30 crore for augmentation of Tier-II Capital under Financial Sector Developmental project in the year 1995
- One among the few Banks to receive the World Bank loan for technological up-gradation and training
- Launched a Bond Issue of Rs 92.13 crore in November 1996
- Maiden Public Issue of Rs 180 crore in November 1996
- Introduced Tele banking facility of selected metropolitan centers
- In June 2011, Dena Bank on its 74th Foundation Day, launched its Mobile Banking and Phone Banking facilities for its customers.
Products and Services
- Personal Banking- It offers various products and services such saving account, loans, deposits, ATM facility, RTGS/NEFT facility, Internet banking, demat services, etc.
- Priority and SME- It also caters services to Priority and SME segment such as providing various kinds of products to meet their various agricultural and business requirements.
- Corporate Finance - According to various business needs of corporates in the corporate sector, its offers products and services as per their requirements.
- It also provides banking services to NRI Clients such as saving accounts, various deposit schemes, remittance services, loans and overdraft facility, etc.