Dena Bank

Coordinates: 22°01′59″N 74°53′48″E / 22.033°N 74.8968°E / 22.033; 74.8968

Dena Bank
Public
Traded as BSE: 532121
NSE: DENABANK
Industry Banking, Financial Services
Founded 26 May 1938 (1938-05-26)
Headquarters Mumbai, Maharashtra
Key people
 Ajali Bansal
(Non-Exe Chairman) [1]
Karnam Sekar
(MD & CEO)
Products consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
Revenue Decrease ₹10,645.73 crore (US$1.5 billion)[2]
Decrease ₹925.30 crore (US$130 million) (2016)[2]
Decrease ₹-935.32 crore (US$−130 million) (2016)[2]
Total assets Increase₹133,441.63 crore (US$19 billion) (2016)[2]
Owner Government of India
Number of employees
 13,906(2016)[2]
Capital ratio 11.00% (2016)[2]
Website www.denabank.com

Dena Bank is headquartered in Mumbai and it has 1874 branches. The bank was founded in 1938 and the Indian government nationalized it in 1969.

History

Dena Bank[3][4][5][6] was founded on 26th May, 1938 by the family of Devkaran Nanjee, under the name Devkaran Nanjee Banking Company. It adopted its new name, Dena(Devkaran Nanjee) Bank , when it incorporated as a public company in December 1939.

In July 1969 the Government of India nationalized Dena Bank, along with thirteen other major banks. It 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.

Merger

On 17 September 2018, The Finance Ministry of the Government of India proposed to merge three state run banks — Vijaya Bank, Bank of Baroda, and Dena Bank — into a single bank.[7][8] The amalgamated bank is to become the third biggest bank in India with a total business of more than ₹1,482,000,000,000 (US$21 billion). The boards of the three banks are to meet to consider the proposal. [9] The agenda behind the merger of the banks is to lower Non-performing assets. The Gross NPA OF the Bank of Baroda, Vijaya Bank and Dena Bank is 12.4%, 6.9% and 22% respectively. The Dena Bank is currently operating under the Prompt Corrective Action (PCA) framework due to non-performing loans.[10]

See also

References

  1. ↑ "Dena Bank, Punjab & Sindh Bank, Central Bank of India get new chairpersons". 24 May 2018. Retrieved 3 September 2018 – via The Economic Times.
  2. 1 2 3 4 5 6 "Annual Report of Dena Bank" (PDF).
  3. ↑ "DENA BANK - Outcome Of Board Meeting". @businessline. Retrieved 2018-08-30.
  4. ↑ "Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank". Zee Business. 2018-08-24. Retrieved 2018-08-30.
  5. ↑ "Dena Bank standalone Jun-2018 NII at Rs 742.74 crore". Moneycontrol. Retrieved 2018-08-30.
  6. ↑ "After Dena Bank, RBI may put restrictions on 2 more lenders under PCA". The Economic Times. 2018-05-13. Retrieved 2018-08-30.
  7. ↑ "Dena Bank, Vijaya Bank, Bank Of Baroda To Be M". NDTV.com. Retrieved 2018-09-17.
  8. ↑ "Bank of Baroda, Vijaya Bank and Dena Bank to be merged". The Economic Times. 2018-09-17. Retrieved 2018-09-17.
  9. ↑ Nair, Remya (2018-09-17). "Govt proposes merger of BoB, Dena, Vijaya Bank". https://www.livemint.com/. Retrieved 2018-09-17. External link in |work= (help)
  10. ↑ "RBI puts Dena Bank under prompt corrective action". The Economic Times. 2018-05-12. Retrieved 2018-09-19.
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