Dena Bank is one of the most prestigious banks of India having a good market share. The Bank is one among the few banks to receive the World Bank loan for technological upgradation and training. They are the first bank to introduce Minor Savings Scheme, Credit card in rural India known a Dena Krishi Sakh Patra, Drive-in ATM counter of Juhu, Mumbai and Customer rating system for rating Bank Services.
The family of Devkaran Nanjee founded Dena Bnak on May 26, 1998 with the name Devkaran Nanjee Banking Company Ltd. In December 1939, they became a public limited company and the name was changed to Dena Bank Ltd. In the year 1969, the Dena Bank was nationalized along with 13 other Banks in India.
During the year 1996-97, the Bank came out with their maiden public issue of 6 crore equity shares of Rs 10 each at a premium of Rs 20 per share aggregating to Rs 180 crore.
During the year 2002-03, the Bank launched Dena International Debit Card with affiliation to VISA International. They also added 44 new ATMs during the financial year.
During the year 2004-05, the Bank signed a MoU with the Oriental Insurance Company Ltd for distribution of their non-life insurance products through their branches. They introduced a novel concept in retail Banking namely Finmart and opened 40 Dena Finamart that aims to all retail needs of their customer in a speedy and efficient manner. They also launched Dena Bill Pay, m-banking, Dena IndiaRemit etc.
During the year 2005-06, a branch in Metro Sector was merged with a nearby branch and also 13 loss making rural branches were converted into satellite offices. The Bank opened one Extension counter at Hyderabad during the year.
During the year 2006-07, the bank introduced a special scheme, Dena Bhooliheen Kisan Credit Card for tenant farmers, oral lessees, sharecroppers, and landless labourers. They opened 13 new branches in different parts of the country during the year. The Bank entered into arrangement with 4 mutual funds namely, HDFC Mutual Fund, ING Vysya Mutual Fund, Reliance Mutual Fund and Kotak Mutual Fund for distribution of their mutual fund products.
In the same year, the Bank introduced new products namely Dena Maha Tax Bachat Yojana, Dena Double Deposit Scheme, Dena Super Premium Current Account and Denalaxmi Gold Deposit Scheme. Also, they introduced Dena e-Tax-Pay, an online facility for payment of Central Excise and Service Tax trough Internet Banking delivery channel.
During the year 2007-08, the Bank opened 25 new branches in different parts of the country in which they opened three branches in Himachal Pradesh. They introduced the new products of Dena Diamond Deposit Scheme, Dena Recurring Depositors Insurance Scheme and Dena Tractor Borrowers Life Insurance Scheme during the year.
The Bank made a tie up with with Life Insurance Corporation of India (LIC) for providing life insurance cover to tractor loan accountholders under Mortage Redemption Insurance Scheme wherein the prospective as well as existing borrower's life is insured. Also, they made a tie up with National Bulk Handling Corporation for providing financial assistance to farmers and others against pledge of warehouse receipts.
In the same year, the Bank entered into a MoU with Zero Mass Finance as business, correspondent for financial inclusion in Gujarat state. They also entered into a MoU with Maharashtra Postal Circle and four major external credit rating agencies of the country (CARE, CRISIL, Fitch Rating & ICRA) for engaging services of Post Offices as Business Facilitators, for purveying rural credit in the State of Maharashtra and facilitating the Bank's large unrated borrowers to get them rated respectively.
The Bank entered into arrangement with three reputed mutual funds namely, Birla Sunlife Mutual Fund, Tata Mutual Fund and SBI Mutual Fund for distribution of their mutual fund products. With this, the Bank now has strategic marketing alliance with 11 major Mutual Funds.
In November 2008, SBI Card and Dena Bank launched the SBI Dena Bank Card with two variants Gold & International in Mumbai. The SBI Dena Bank Credit Card is developed with the popular international credit card franchise Visa International.