Dena Bank Ltd was an Indian public sector bank.

It was
headquartered in Mumbai and had 1,874 branches. The bank was
founded in 1938 and the Indian government nationalized it in
1969.

On 17 September 2018, the Government of India proposed the

amalgamation of Dena Bank and Vijaya Bank with the Bank of
Baroda, pending approval from the boards of the three
banks.[2] 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.[3]

Contents

 1History
 2Amalgamation
 3See also
 4References

History[edit]
Dena Bank[4][5][6][7] was founded on 26 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 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.
Under the provisions of the Banking Regulations Act 1949, in
addition to the business of banking, a bank can undertake other
businesses as specified in Section 6 of the Banking Regulations Act,
1949.

Amalgamation[edit]
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.[8][9][10] 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 (US$21 billion). 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.[10][11] Earlier that year, Dena
Bank had been brought under the Prompt Corrective Action (PCA)
framework due to its high non-performing loans.[12] 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,[13] and Dena Bank was the weakest among the
three in terms of its total business size too.[11]

See also[edit]
 Indian banking
 List of banks in India

References[edit]
1. ^ Jump up to:a b c d e f g h i "Financials". Dena Bank.
Retrieved 15 March 2019.

2. ^ "Bank of Baroda, Vijaya Bank and Dena Bank to be

merged". The Economic Times. 2018-09-18.
Retrieved 2019-04-05.

3. ^ "Vijaya Bank, Dena Bank amalgamation with BoB is

effective from April 1; here's the share exchange
plan". Business Today. Retrieved 14 March 2019.

4. ^ "DENA BANK - Outcome Of Board

Meeting". @businessline. Retrieved 2018-08-30.

5. ^ "Dena Bank has shifted its focus on recovery of loans:

Ramesh Singh, ED, Dena Bank". Zee Business.
2018-08-24. Retrieved 2018-08-30.

6. ^ "Dena Bank standalone Jun-2018 NII at Rs 742.74

crore". Moneycontrol. Retrieved 2018-08-30.

7. ^ "After Dena Bank, RBI may put restrictions on 2 more

lenders under PCA". The Economic Times. 2018-05-13.
Retrieved 2018-08-30.

8. ^ "Dena Bank, Vijaya Bank, Bank Of Baroda To Be

M". NDTV.com. Retrieved 2018-09-17.

9. ^ "Bank of Baroda, Vijaya Bank and Dena Bank to be

merged". The Economic Times. 2018-09-17.
Retrieved 2018-09-17.
 10. ^ Jump up to:a b Nair, Remya (2018-09-17). "Govt
proposes merger of BoB, Dena, Vijaya Bank". Mint.
Retrieved 2018-09-17.

11. ^ Jump up to:a b "Dena board clears merger with BoB and
Vijaya Bank". The Hindu. Special Correspondent.
2018-09-24. ISSN 0971-751X.
Retrieved 2019-03-30.

12. ^ "RBI puts Dena Bank under prompt corrective

action". The Hindu. PTI. 2018-05-12. ISSN 0971-751X.
Retrieved 2019-03-30.

13. ^ "Vijay Denanath Baroda Bank: Challenges of the urge to

merge". The Economic Times. 2018-09-18.
Retrieved 2019-03-30.

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BANKING IN INDIA

Categories:

 Defunct banks of India

 Banks based in Mumbai
 Banks established in 1938
 Banks disestablished in 2019
 Companies nationalised by the Government of India
 1938 establishments in India
 2019 disestablishments in India
 Companies formerly listed on the Bombay Stock Exchange

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 This page was last edited on 5 April 2019, at 14:53 (UTC).

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