Misplaced Pages

Dena Bank

Formerly	Devkaran Nanjee Banking Company Ltd
Company type	Public
Traded as	BSE: 532121 NSE: DENABANK
ISIN	INE077A01010
Industry	Banking financial services
Founded	26 May 1938; 86 years ago (1938-05-26)
Founder	Devkaran Nanjee
Defunct	1 April 2019; 5 years ago (2019-04-01)
Fate	Merged with Bank of Baroda
Successor	Bank of Baroda
Headquarters	(erstwhile) C-10, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai, Maharashtra, India
Number of locations	1,872 branches (2018)
Area served	India
Services	Consumer banking Corporate banking Finance and insurance Investment banking Mortgage loans Private banking Private equity Savings Securities Asset management Wealth management
Revenue	₹8,932.23 crore (US$1.1 billion) (2018)
Operating income	₹1,171.16 crore (US$140 million) (2018)
Net income	₹−1,923.15 crore (US$−230 million) (2018)
Total assets	₹120,859.79 crore (US$14 billion) (2018)
Number of employees	13,613 (2018)
Capital ratio	11.09% (2018)

Dena Bank was a government-owned bank that in 2019 merged with Bank of Baroda. It was headquartered in Mumbai and had 1,874 branches. The bank was founded in 1938 as a privately owned Bank. In 1969 the Government of India nationalized Dena Bank.

History

Dena Bank was founded on 26 May 1938 by the sons of Devkaran Nanjee - Choonilal Devkaran Nanjee, Pranlal Devkaran Nanjee & other family members under the name Devkaran Nanjee Banking Company. It adopted its new name, Dena (Devkaran Nanjee) Bank, when it was incorporated as a public company in December 1939.

In July 1969, the government of India nationalized Dena Bank, along with thirteen other major banks. Dena Bank thereby became a Public Sector bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.

Amalgamation

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. The amalgamated bank was estimated to become the third biggest bank in India with a total business of more than ₹1,482,000,000,000 (equivalent to ₹2.0 trillion or US$24 billion in 2023). Some of the main stated reasons for the merger were to help the weaker banks improve their operational efficiency, increase their customer base and market reach, and to help them raise capital without depending on government funds at all. Earlier that year, Dena Bank had been brought under the Prompt Corrective Action (PCA) framework due to its high non-performing loans. At the time of the proposal to merge, the gross NPA ratios of Bank of Baroda, Vijaya Bank and Dena Bank were 12.4%, 6.9% and 22% respectively, and Dena Bank was the weakest among the three in terms of its total business size.

The Union Cabinet and the boards of the banks approved the merger on 2 January 2019. Under the terms of the amalgamation, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹2 for every 1,000 shares they held. The amalgamation became effective from 1 April 2019.

Bank of Baroda announced that it would auction the Dena Corporate Centre (Dena Bank's head office) at Bandra Kurla Complex, Mumbai in September 2019.

See also

• Banking in India
• List of banks in India

References

1. ^ "Financials". Dena Bank. Retrieved 15 March 2019.
2. "DENA BANK - Outcome Of Board Meeting". @businessline. Retrieved 30 August 2018.
3. "Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank". Zee Business. 24 August 2018. Retrieved 30 August 2018.
4. "Dena Bank standalone Jun-2018 NII at Rs 742.74 crore". Moneycontrol. 6 August 2018. Retrieved 30 August 2018.
5. "After Dena Bank, RBI may put restrictions on 2 more lenders under PCA". The Economic Times. 13 May 2018. Retrieved 30 August 2018.
6. "Dena Bank, Vijaya Bank, Bank Of Baroda To Be M". NDTV.com. Retrieved 17 September 2018.
7. "Bank of Baroda, Vijaya Bank and Dena Bank to be merged". The Economic Times. 17 September 2018. Retrieved 17 September 2018.
8. ^ Nair, Remya (17 September 2018). "Govt proposes merger of BoB, Dena, Vijaya Bank". Mint. Retrieved 17 September 2018.
9. ^ "Dena board clears merger with BoB and Vijaya Bank". The Hindu. 24 September 2018. ISSN 0971-751X. Retrieved 30 March 2019.
10. "RBI puts Dena Bank under prompt corrective action". The Hindu. PTI. 12 May 2018. ISSN 0971-751X. Retrieved 30 March 2019.
11. "Vijay Denanath Baroda Bank: Challenges of the urge to merge". The Economic Times. 18 September 2018. Retrieved 30 March 2019.
12. "Vijaya Bank, Dena Bank amalgamation with BoB is effective from April 1; here's the share exchange plan". Business Today. 21 February 2019. Retrieved 14 March 2019.
13. Ghosh, Shayan (12 September 2019). "Bank of Baroda to sell Dena Bank head office for at least ₹530 crore". Mint. Retrieved 12 September 2019.

v t e Banking in India
Institutes	Central bank v t e Reserve Bank of India Regulation Reserve Bank of India Act, 1934 Monetary Policy Committee People Governor of the Reserve Bank of India Deputy governor of the Reserve Bank of India Buildings Reserve Bank of India Staff College RBI Monetary Museum Subsidiaries Bharatiya Reserve Bank Note Mudran Security Printing and Minting Corporation of India Think tanks BBB BCSBI NPCI IBA IDRBT Speciality banks IFCI All India Financial Institutions : Exim Bank of India NABARD NaBFID NHB SIDBI Other BIFR IBBI IBPS Deposit Insurance (DICGC)
Public-sector banks	Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Indian Bank Indian Overseas Bank Jammu & Kashmir Bank Punjab & Sind Bank Punjab National Bank State Bank of India UCO Bank Union Bank of India
Private-sector banks	Axis Bank Bandhan Bank CSB Bank City Union Bank DCB Bank Dhanlaxmi Bank Federal Bank HDFC Bank ICICI Bank IDBI Bank IDFC First Bank IndusInd Bank Karnataka Bank Karur Vysya Bank Kotak Mahindra Bank Nainital Bank RBL Bank South Indian Bank Tamilnad Mercantile Bank Yes Bank
Foreign banks	Abu Dhabi Commercial Bank ANZ Bank Maybank Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon Barclays Credit Suisse CTBC Bank Deutsche Bank HSBC Maybank MUFJ Rabobank Scotiabank Standard Chartered India Wholly owned subsidiary (WOS) DBS Bank State Bank of Mauritius Wound up/closed (or in process) Antwerp Diamond Bank Citibank
Small finance banks	AU Fincare Capital ESAF Equitas Jana North East Suryoday Ujjivan Unity
Payments banks	Airtel Fino National Securities Depository India Post Jio Paytm Surrendered licencees or wound up Aditya Birla Vodafone M-Pesa Tech Mahindra
Cooperative banks	Abhyudaya Co-operative Bank. Buldana Urban Cooperative Credit Society Cosmos Bank Dombivli Nagari Sahakari Bank Kerala Bank Mizoram Co-operative Apex Bank Punjab and Maharashtra Co-operative Bank Repco Bank Saraswat Bank Shamrao Vithal Co-operative Bank TNSC Bank Thane Janata Sahakari Bank
Regional rural banks	Assam Gramin Vikash Bank Bangiya Gramin Vikash Bank Karnataka Gramin Bank Mizoram Rural Bank Paschim Banga Gramin Bank Puduvai Bharathiar Grama Bank Tamil Nadu Grama Bank Uttar Bihar Gramin Bank Uttarakhand Gramin Bank Vananchal Gramin Bank Andhra Andhra Pradesh Grameena Vikas Bank Andhra Pragathi Grameena Bank Kerala Kerala Gramin Bank North Malabar Gramin Bank South Malabar Gramin Bank Uttar Pradesh Allahabad UP Gramin Bank Gramin Bank of Aryavart Sarva UP Gramin Bank
Defunct banks	Merged PSB New Bank of India Dena Bank Vijaya Bank Allahabad Bank Andhra Bank Corporation Bank Oriental Bank of Commerce United Bank of India Syndicate Bank SBI Bank of Bombay Bank of Calcutta Bank of Madras Imperial Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Bharatiya Mahila Bank Krishnaram Baldeo Bank Kashinath Seth Bank Rescued Global Trust Bank (OBC) Lakshmi Vilas Bank (DBS) Nedungadi Bank (PNB) United Western Bank (IDBI) United Industrial Bank (Allahabad Bank) Punjab and Maharashtra Co-operative Bank (Unity SFB) Acquired Bank of Madura Bank of Rajasthan Bengal Central Bank Centurion Bank of Punjab Chartered Bank of India, Australia and China Grindlays Bank National Bank of India ING Vysya Bank Mercantile Bank of India, London and China Lord Krishna Bank Times Bank Vysya Bank PSB Bharat Overseas Bank Pandyan Bank Wound up Bank of Chettinad Dass Bank Failed Alliance Bank of Simla Arbuthnot & Co Commercial Bank of India Exchange Bank of India & Africa (New) Oriental Bank Corporation Oudh Commercial Bank Madhavpura Mercantile Cooperative Bank Liquidated Bengal Bank (1784) Bank of Bombay (1720) Bank of Hindostan General Bank of India General Bank of Bengal and Bihar Nath Bank Palai Central Bank The Commercial Bank (1819) The Calcutta Bank (1824) The Union Bank (1828) The Government Savings Bank (1833) The Bank of Mirzapore (1835) Travancore National and Quilon Bank
Networks	Interbank networks Cirrus NFS PLUS ATM networks BANCS Cashnet CashTree MITR
Cards	Mastercard Debit Mastercard Maestro RuPay Visa Visa Debit Visa Electron
Online transfers	AEPS BBPS BHIM IMPS NEFT RTGS UPI
Payment service providers	Atom BHIM BillDesk CCAvenue Juspay Paytm Wibmo Zeta India Digital wallets Amazon Pay BharatPe Freecharge Google Pay Mobikwik Oxigen Services Payoneer PayU Payworld PhonePe
Related topics	ATM usage fees Bank run Black money Counterfeit money De-materialisation (de-mat) Demonetisation 2016 Low denomination coins Foreign exchange (ForEx) Lists: List of banks List of oldest banks in India Protocol and codes Bharat Bill Payment System (BBPS) Indian Financial System Code (IFSC) National Unified USSD Platform (NUUP) Structured Financial Messaging System (SFMS) Rates & ratios Rates Bank rate Mumbai Inter-Bank Bid Rate - MIBID/Mumbai Inter-Bank Offer Rate - MIBOR Mumbai Interbank Forward Offer Rate - MIFOR Ratios Capital Adequacy Ratio - CAR Statutory Liquidity Ratio - SLR Cash Reserve Ratio - CRR Regulators Insurance - IRDAI Banking - RBI Securities - SEBI Bankruptcy - IBBI Insolvency, bankruptcy and reconstruction Boards BIFR IBBI CERSAI Legislation IBC SARFESI Act Companies ARCIL Edelweiss ARC IAMCL Legislation Banking Regulation Act, 1949 Government Securities Act, 2006 IBC, 2016 NaBFID, 2021 RBI Act, 1934 SARFESI Act, 2002 Income-tax Act, 1961 Companies Act, 2013 Insurance Act, 1938 FEMA, 1999 Tribunals Company Law - NCLT Appellate - NCLAT Measures Prompt Corrective Action Other Institute of Banking Personnel Selection Mumbai Consensus

• Defunct banks of India
• Banks based in Mumbai
• Banks established in 1938
• Banks disestablished in 2019
• Companies nationalised by the Government of India
• Indian companies established in 1938
• Indian companies disestablished in 2019
• Companies formerly listed on the National Stock Exchange of India
• Companies formerly listed on the Bombay Stock Exchange