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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.
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.
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The remaining subsidiaries, namely the State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, and Bharatiya Mahila Bank were merged with State Bank of India with effect from 1 April 2017. Vijaya Bank and Dena Bank were merged into Bank of Baroda in 2018. [6]
Greater autonomy was proposed for the public sector banks in order for them to function with equivalent professionalism as their international counterparts. [11] For this the panel recommended that recruitment procedures, training and remuneration policies of public sector banks be brought in line with the best-market-practices of professional banking systems.
Dinesh Khara, Chairman of State Bank of India; Madhav Nair, Country Head and CEO of Mashreq Bank; and S. S. Mallikarjuna Rao, MD and CEO of Punjab National Bank, were elected as deputy chairmen. Rakesh Sharma, MD and CEO of IDBI Bank, was elected as the Honorary Secretary for 2020–2021. The Chief Executive of IBA is Sunil Mehta, and chief ...
The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.In 1976, the ownership of IDBI was transferred to the Union government and it was made the principal financial institution for coordinating the activities of institutions engaged in financing, promoting and developing industry in India.