Dena Bank set to expand processing centre network

Dena Bank today unveiled its first central processing centre in Mumbai. The state-owned bank plans to roll out similar processing centres in nine other cities, including Ahmedabad, Pune and Hyderabad.

Chairman and managing director M V Nair said, "These centres will employ direct selling agents for handling bulk applications for retail loans. The specialised staff would carry out the due diligence and convey the bank's decision to prospective borrowers within 48 hours."

The Mumbai centre will handle retail applications of 90 branches and 14 Finmarts. The bank today also opened its 50th Finmart outlet in Kolkata.

Dena has set up a pilot project in Gujarat, wherein grocery shops are being converted into mini-malls, providing information on availability of agricultural and financial products.

With increasing high networth clients, the bank is looking at putting in place a wealth management team. Nair said as a pre-requisite to this, the bank is in talks with four technology majors for establishing a core banking platform for its branches.

For the coming fiscal, the bank has identified 130 centres for setting up branches and will be applying to the Reserve Bank of India for at least 30 licenses.

In 2005, Dena Bank had established 500 farmers' clubs in rural and semi-urban areas. The bank is now in talks with corporate entities for sponsorship purposes, creation of synergy and spread of awareness among farmers about new varieties in fertilisers, agricultural implements and tools et al.

The bank is also planning a foray into bullion trading before March 2006.