Dhanalakshmi Bank gets approval to raise FII limit

Kerala-based Dhanalakshmi Bank has received RBI approval to raise FIIs and NRIs percentage holding in the bank to 49 per cent and 24 per cent respectively.

The bank has informed the Bombay Stock Exchange that RBI has not objected to the percentage holding from 24 per cent and 10 per cent to 49 per cent and 24 per cent respectively.

This has also been approved by the shareholders, the bank said in a press release here today. The Thrissur-headquartered bank was incorproated in 1927 by a group of entrepreneurs with a capital of Rs 11,000 and seven employees.

It subsequently became a scheduled commercial bank in 1977 and presently provides banking products and services to both resident and Non Resident Indians through its network of 250 branches and 78 ATMs.

 

The bank also plans to add a total of 66 branches and 380 ATMs across the country by this year end, the release said. The bank has a total networth of over Rs 400 crore,deposits worth Rs 4,969 crore and advances worth Rs 3,245 crore as of March 2009. Its profit was Rs 57.45 crore in the last fiscal.

On the socio-economic front, the bank is a leading player in dispensing microcredit among Kerala based banks,both public and private. At March-end this year, it had an outstanding of Rs 124.40 crore under micro credit,the release said.