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History of Dena Bank

1969

- The Bank was brought into existence by an Ordinance issued on 19th July, by Central Government. The Bank is a Government of India Undertaking & carries on all types of banking business.

1970

- The Bank Companies Act, 1969, was declared null & void by the Supreme Court on the 10th February & was made effective retrospectively from 19th July, 1969.

- Under the `Lead Bank' scheme the Bank was allotted 9 districts of which 6 were in Gujarat, 2 in M.P. & one in the Union Territories of Dadra & Nagar Haveli.

1971

- Branches were opened in most of lead districts. Bank took up second stage of lead bank scheme. District level consultative committees were set up in all the districts.

1978

- The Bank had set up its first regional rural bank in the Kutch district of Gujarat State in December.

1980

- The second regional rural bank was set up in March at Rajnandgaon in Madhya Pradesh.

1981

- The Third Regional Rural Bank was set up at Patna.

1984

- The Bank sponsored its fourth Regional Rural Bank at Himatnagar in Gujarat.

- Rs 12 lakhs of capital subscribed by Government.

1985

- Rs 13.63 crores of capital subscribed by Government.

1986

- Rs 7 crores of capital subscribed by Government.

1989

- Rs 20 crores of capital subscribed by Government.

1990

- Rs 30 crores of capital subscribed by Government.

1991

- Rs 25 crores of capital subscribed by Government.

1993

- Rs 50 crores of capital subscribed by Government.

1994

- Rs 130 crores of capital subscribed by Government.

1995

- Rs 6.11 crores of capital subscribed by Government.

1996

- Rs 136.29 crores of capital was set off against accumulated losses.

1997

- Rs 6.00 crores Equity issued through prospectus to the public at a prem. of Rs 20 per share.

- Dena Bank one of premier public sector banks, has introduced Dena Smart Card, to facilitate anywhere banking. Dena Bank is the first bank to launch this unique customer friendly product. It is for the first time in India that a Bank is using Smart Card for storing account details.

- The new card will be known as Dena Credit Card against Can Card, presently offered by bank.

- Dena Bank proposes to start an industrial equipment leasing division during 1997-98, according to Madhukar Umarji, General Manager of the Bank.

- Dena Bank plans to become a depository participant with National Securities Depositories Ltd [NSDLs]. The bank has also signed an agreement with NSDL for dematerialising its scrips.

- The bank proposes to open 15 branches in the country in the current year.

- Dena Bank has computerised 250 branches till date out of 1,150 branches & has obtained World Bank assistance to the tune of Rs.63 crores. The bank has set up 11 ATMs throughout the country & 20 more are expected to be installed during the year.

- The bank has proposed to increase its average staff productivity to Rs 80 lakh per employee from Rs 70 lakh. A major leap up will be taken in the field of modernisation, as 50 more branches will be fully computerised during the current year which will make the figure of 95 fully computerised branches.

- Dena Bank has tied up with Visa Card International for providing independent credit card facility to its customers. Consequently, the bank had decided to call off the credit card agreement with Canara Bank. - Dena Bank is the second bank after Union Bank of India to break agreement with Canara Bank in connection with credit card facility. - Dena Bank started ATMs at five of its branches that are hooked to Iwadhan, a shared payment network system in the metropolis spearheaded by Indian Banks' Association.

1998

- Dena bank, which is celebrating its diamond jubilee this year, has launched a deposit mobilisation month from February 10 to March 10.

- The rating for long-term sub-oriented bonds of Rs.100-crore Dena Bank has been upgraded from LAA- to LAA, indicating high safety. The sub-oriented bonds of Rs.200 crore has been assigned an LAA rating.

- Dena Bank has adopted a new logo - a contemporary D anchored by the image of goddess Laxmi. The D stands for a new attitude & a new dedication to service.

- Dena Bank has launched a new term deposit - the `Freedom Deposit Scheme' - which provides returns available on term deposits while assuring the investors with liquidity.

- Dena Bank on 26.05.98 launched its outstation cheque collections service, Dena Zoom, & inaugurated the Dena Institute of Information Technology as part of its Diamond Jubilee celebrations.

- Ramesh Mishra, had signed a memorandum of understanding with Visa International on October 2 in Singapore. The bank has also signed an agreement with Equifax Venture Infotek Ltd for providing the full range of back office support services.

- Dena Bank proposes to issue its own independent credit cards & is holding talks with VISA International for this purpose.

1999

- Dena bank has launched `Dena Kisan Card' & has aligned with Visa International to issue its own credit card. The card will be available to customers soon.

- Dena Bank has tied-up with Visa International to launch its Visa exclusive credit card.

- Dena Bank has tied up with United Bank of Switzerland [UBSs] and Commerzbank International of Luxembourg for gold trading, & targets business worth Rs 3,000 crore in the first year.

- Dena Bank has entered into an agreement with UBS AG Zurich and Commerz Bank International SA Luxemberg for supply of gold on a consignment basis to enable the bank to retail gold in India.

2000

- The Comp. has appointed Sharepro Services as its R&T agent in place of PCS Inds Ltd.

- Dena Bank to launch `debt card', market insurance products in a bid to boost its retail banking activity & increase business by over Rs 23,000 crore by this fiscal.

- A G Pradhan has joined Dena Bank has chief vigilance officer.

- Dena Bank has launched a housing loan scheme -- `Dena Niwas Loan' targetted at housing activity in greater Guwahati.

- Mr. S.C. Vohra, Currently General Manager, Punjab and Sind Bank, has been appointed as a whole-time director.

2001

- The Bank has closed its issue of unsecured non-convertible debentures after raising the targeted Rs 75 crore.

- Dena Bank has entered into an alliance with HDFC Bank to optimise customer service.

- The employees of Dena Bank observed a token strike on 28th March in protest against the closure of more than 100 branches of bank all over the country.

2002

- Dena Bank has informed that the Central Govt. has appointed Mr. Sudhir Kumudchandra Joshipura, as a Workmen Employee Director on the Board of Directors of Dena Bank for a period of three years.

-A K Rai appointed as Director on the Board of Dena Bank.

2003

-Dena Bank issues 190 notices to defaulters comprising of Rs.316crs.

-Bank members have elected the directors of shareholders which includes Shri Subash Chandra Wadhwa, Shri Atul Ashok Galande, Shri Chintaman Mahadeo Dixit & Shri Manu Chadha.

-Dena Bank introduces two new schemes to suit Indian residents & non-resident Indians.

-Dena Bank recovers 16.56cr NPA from 32 parties at a Lok Adalat.

-Central Government appoints Mr.B T R Reddy as Officer Employee Director of Dena Bank.

-Approved the raising of equity share capital of Bank by Rs.80.00 crores i.e. to increase the issued, subscribed & paid up capital of Bank from 20,68,23,200 shares at Rs.10/- per share i.e. total Rs.2,06,82,32,000/- to 28,68,23,200 shares at Rs.10/- per share i.e. Rs.2,86,82,32,000/- by way of Second Public Issue.

-A meeting of Board of Directors of Dena Bank will be held on November 27, 2003 to consider inter alia & if thought fit to approve the prospectus to be filed with SEBI in connection with the Banks proposed second public offer.

-Dena Bank has informed that the Chairman and Managing Director, Shri A.G. Joshi has retired on December 31, 2003 on attaining the age of superannuation i.e. December 31, 2003 after close of office hours & ceased to be Director of Bank w.e.f. January 1, 2004.

2004

-Dena Bank has informed that the Central Government has appointed Shri P Vijaya Bhaskar, Chief General Manager, Reserve Bank of India, Mumbai as a Director on the Board of Directors of Dena Bank with effect from January 09, 2004 & until further orders, in place of Smt. Grace Koshie, Chief General Manager-in-charge, Exchange Control Department, Reserve Bank of India, Mumbai.

-Dr. Anil K. Khandelwal has taken over as the Chairman & Managing Director of Dena Bank Ltd

-Dena Bank signs MoU with International Tractors Ltd for Financing Tractors

-Dena Bank has been adjudged the best commercial bank in Gujarat under Nabard Self Help Group - Bank Linkage Programme

-Dena Bank CMD wins award for women empowerment initiatives

-Dena Bank has signed an MoU with Oriental Insurance Comp. to distribute the latter non-life policies

-Dena Bank on July07, 2004 signed a memorandum of understanding with Eicher Tractor for tractor financing

-Dena Bank has signed a memorandum of understanding [MoUs] with Mahindra Gujarat Tractor Ltd [MGTLs], a subsidiary of Mahindra and Mahindra [M&Ms] Ltd, for extending financial assistance to farmers buying tractors manufactured by company

-Ties up with Escorts Tractors

-Dena Bank inks MoU with M&M for tractor loans

-Western Union joins hands with Dena Bank for inbound remittances

-Dena Bank forges alliance with IIT-C for rural ATM kiosks

2005

The second public issue opened on January 24, 2005 & closed on January 29, 2005. The issue had got overwhelming response from investors & substantially oversubscribed.

- Life Insurance Corporation of India signs 32nd bancassurance agreement with Dena bank on April 29, 2005..

-Dena Bank appoints Shri M V Nair as Chairman and Managing Director [CMDs] for a period of five years

-Dena Bank inks agreement with Small Industries Development Bank of India

-Dena Bank inks agreement with SIDBI

-Dena Bank rolls out 'no frills' banking

-Dena Bank join hands with LICMF.

2006

=Dena Bank & Union Bank of India have tied up with Small Farmers Agri-business Consortium [SFACs] to facilitate growth of agri business.

2007

-Dena Bank has appointed Mrs. Smita Vijayanand Pandit [Chief Manager -IRC and Comp. Secretarys] as Compliance Officer in place of Shri M.G. Sanghvi with immediate effect, who will directly liaise with the authorities such as Stock Exchanges, SEBI, ROC etc.