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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, [11] and Dena Bank was the weakest among the three in terms of its total business size. [9] The Union Cabinet and the boards of the banks approved the merger on 2 January 2019.
Dena Bank 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 Bank (Devkaran Nanjee), when it incorporated as a public company in December 1939. [6] [5] The Indian Banks' Association was founded by his vision and leadership in 1946.
Under the terms of the merger, 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 merger came into effect on 1 April 2019. [15] Post-merger, the Bank of Baroda is the third largest bank in India, after State Bank of India and ...
Desai was a senior partner in the firm of Messrs. Devkaran Nanjee and Sons, stock, cotton, bullion and exchange brokers.He was also the honorary Treasurer of the Bombay Stock Exchange and one of the founding directors of Devkaran Nanjee Banking Co. Ltd. (later renamed the Dena Bank), on 26 May 1938, and other allied companies with his brother Pranlal Devkaran Nanjee.
P. L. Gairola (born 15 December 1948), was the chairman and managing director (CMD) of Dena Bank, a leading commercial bank of India.He was appointed to this position by the Government of India (GoI), and assumed the charge of the bank as its CMD on 17 May 2006.
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
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Under the terms of the merger, 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 merger is effective from 1 April 2019. [13] Vijaya Bank that has merged with Bank of Baroda has built a museum that dedicated to its history. [14]