Dena Bank is an Indian commercial bank based in Mumbai. The bank was founded by the Devkaran Nanjee family on the 26th of May, 1938. At the time of establishment, its name was Devkaran Nanjee Banking Company Ltd. Further, the banking company was incorporated as a Public Ltd. Company in December 1939, changing its name to Dena Bank Ltd. The bank was nationalized by the Government of India along with 13 other commercial banks in the year 1969.
Key Attributes
Dena Bank was one of the six Public Sector Banks which had been chosen by the World Bank in the year 1995 for granting a loan of Rs. 72.3 Crores under Financial Sector Development project. Also, it is one of the few banks which have been given a loan by the World Bank for technological advancement and training. Dena Bank has maintained a strong technological infrastructure with state-of-the-art IT innovations and solutions implemented at its branches and back-end.
100% branches of the bank have been fully computerized, and the bank has established its own network called “DENANET” to ensure seamless connectivity and smooth workflow all the way through its banking process. DENANET is comprised of VSATs, leased lines, dial-up lines and ISDN backups, and is completely integrated with the Indian Financial Network (INFINET) of the Reserve Bank of India (RBI).
Regular Banking Services
Dena Bank offers a host of Regular Banking Services to its customers, including Personal Baking Services comprising of Deposit, Loan and Investment Services, Priority and Small & Medium Enterprises (SME) services, International Baking Services, Corporate Banking Services and a host of other Value Added Services.
Network Based Services
Leveraging the potential of its own advanced high-speed Information Network DENANET, Dena Bank offers a host of network based services to its customers in addition to the Regular Banking Services. These services include Data Transfer, Remote Support, Real Time Gross Settlement (RTGS), Dena BillPay, Dena m-banking, Any Branch Banking, Multi-City Cheque Facility, Internet Banking and Dena e-Tax Pay.
- Dena Bank was founded by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd.
- It found its new name, Dena Bank Ltd. when it was incorporated as a Public Company in Dec 1939.
- It is one of the most prestigious banks of India having a good market share.
- Dena Bank was nationalised (and therefore dropped the ‘Ltd.’ from its name) in 1969 along with 13 other banks in India.
- It is one of the earliest Banks in India.
In July 1969 Dena bank Ltd. 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.
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