|The Ismailia Co-operative Bank Limited and the Masalawala Co-operative
Bank Limited came into being in the 1930s. Eventually, Diamond Jubilee
Co-operative Bank Limited merged with Ismailia Co-operative Bank Limited.
Subsequently in 1981, Ismailia Co-operative Bank Limited was amalgamated
with Masalawalla Co-operative Bank Limited to form the Development
Co-operative Bank Limited. Citi Cooperative Bank Limited later merged with
Development Co-operative Bank Limited, which thereafter was converted into
a joint stock banking company, the Development Credit Bank Limited on May
In the 1990s there were about 1400 co-operative banks in India and a few
of these co-operative banks were given permission by RBI to convert into
scheduled commercial banks. Development Co-operative Bank was one of
11 such banks that converted themselves into scheduled commercial banks.
Vide their resolution dated January 28, 1995, the shareholders of Development
Co-operative Bank resolved to register as a limited company within the meaning
of Sections 566 of the Companies Act. Development Credit Bank Limited was
granted the certificate of incorporation under the Companies Act and the license
to carry on banking business under Section 22 of the Banking Regulation Act,
1949 on May 31, 1995. At the time of its conversion to a limited company under
the Companies Act, the Bank had a capital of Rs.73.34 million and net worth of
over Rs.1000 million.
Since its conversion into a scheduled commercial bank, the Bank has over the
years expanded its operations beyond the states of Maharashtra, Gujarat and
Andhra Pradesh into the states of, Goa, Haryana, Karnataka, Tamil Nadu, Union
Territories of Daman and Diu & Dadra & Nagar Haveli and the National Capital
Territory of Delhi. Today, it has a network of 67 branches, 5 extension counters
and 101 ATMs across the country.
The terms of the banking license issued to the Bank under Section 22 of the
Banking regulation Act stipulated, amongst others, that:
a) the Bank must comply with the Guidelines on Entry of Private Sector Banks
dated January 22, 1993 issued by the Reserve Bank of India;
b) on the date of conversion, the unimpaired value of the paid up capital and
reserves of the Bank together with the share application money received by it
should not be less than Rs.1000 million;
c) the Bank must make a public issue of its equity and arrange to have its
shares listed on stock exchanges immediately after one year of its operations;
d) the Bank must comply with the priority sector lending norms of 40% as
applicable to private sector banks; and that
e) the Bank must ensure that not less than 25% of its branches are in
rural/semi-urban areas within three years of its operations.
The Guidelines on Entry of Private Sector Banks which chalk out the scheme
for permitting the entry of new private sector banks, prescribe, in relation to such
a new private sector bank that:
a) the new bank may be listed in the Second Schedule of the Reserve Bank,
b) shares of the banks should be listed on stock exchanges;
c) voting rights of the shareholders of the bank shall be governed by the ceiling
of 1% (now increased to 10%) of the total voting rights as stipulated in Section
12(2) of the Banking Regulations Act;
d) the new bank must not have as its director any person who is a director of
any other banking company or of companies which are entitled to exercise
voting rights in excess of 20% of the total voting rights of all the shareholders of
the banking company as laid down in the Banking Regulation Act, 1949;
e) the bank must achieve capital adequacy of 8% (now increased to 9%) of the
risk weighted assets from the beginning. Similarly norms for income recognition,
asset classification, and provisioning will also be applicable to it from the beginning.
The bank must also comply with the single borrower and group borrower exposure
limits that will be in force from time to time;
f) though the bank must comply with the norms for priority sector lending, some
modification in the composition of the priority sector lending may be considered by
the RBI for an initial period of three years;
g) the bank may be issued an authorised dealerÂs license to deal in foreign
exchange when applied for;
h) it shall be governed by the policy that banks are free to open branches at
various centres including that banks are free to open branches at various centres
including urban/metropolitan centres without the prior approval of the RBI once
they satisfy the capital adequacy and prudential accounting norms. However, to
avoid over-concentration of their branches in metropolitan areas and cities, a new
bank must open rural and semi-urban branches also; and that
i) such a new bank must make full use of modern infrastructural facilities in office
equipment, computer, telecommunications etc. in order to provide good customer
- Development Credit Bank Ltd (DCB) has appointed Mr. D E Udwadia as an Additional Director of the Bank.
- Development Credit Bank Ltd (DCB) has appointed Mr. Suhail Nathani as an Additional Director of the Bank at the Meeting of the Board of Directors of the Bank held on January 29, 2009.
- Development Credit Bank Ltd (DCB) has appointed Mr. Murali M Natrajan as an Additional Director of the Bank w.e.f April 29, 2009. Further, pursuant to approval of the Reserve Bank of India, Mr. Murali M Natrajan has been appointed as Managing Director (MD) & CEO of the Bank for a period of three years from April 29, 2009.
- DCB Appoints Mr J.K Vishwanath as Chief Credit Officer.
- Development Credit Bank Ltd. and ICICI Lombard GIC Ltd. in Bancassurance partnership.
- DCB received permission to open two Semi-Urban / Rural branches in
Gujarat. The locations are Netrang, a Rural branch in Bharuch district and Mandvi, a Semi Urban branch in Surat district.
- Development Credit Bank (DCB) inaugurated its newest branch in Gujarat at Vadodara . The branch is located at Ground floor of Startrek Building, Opposite ABS Tower, OP Road, Vadodara.
- DCB Bank inaugurates 81st branch at Mandvi, Surat District, Gujarat.
- DCB presents Aga Khan Hockey Tournament May 15, 21, 2011.
- Development Credit Bank Ltd has informed BSE regarding updates on Capital raising plan - QIP issue and preferential issue.
- DCB Bank inaugurates new branches in Itarsi and Pipariya, Madhya Pradesh.
-DCB Bank and ITZ Cash launch Freedom Pre-Paid Card.
- Mr. Jamal Pradhan has been appointed as Additional Director on the Board of Directors of the -Bank
- Development Credit Bank (DCB) has associated with Credit Sudhaar, a credit health improvement company, to offer DCB Payless Card to customers.
- Development Credit Bank Ltd has has assigned a "CRISIL A1+" (pronounced "CRISIL A one plus") rating for the Rs. 10.00 billion Certificates of Deposit programme (enhanced from Rs. 5.00 billion).
- The Name of the Bank has been changed from ÂDevelopment Credit Bank Limited to ÂDCB Bank Limited effective from October 24, 2013
- DCB Bank Ltd (Formerly Development Credit Bank Ltd) announced that its Information Security Management System (ISMS) has been successfully certified against ISO 27001:2005 standard.
- DCB Bank reappoints Nasser Munjee as part-time Chairman
- The appointment of Mr. Atal Agarwal as Executive Vice President and Head - Corporate Banking, Financial Institutions and Investment Banking.
-The Company has changed its name from Development Credit Bank Ltd. to DCB Bank Ltd.
-DCB Bank, M2P launches mobile wallet service YAP
-DCB Bank - DCB Bank Update on 150+ additional branches roll out plan
-DCB Bank launches Aadhaar enabled ATM in Bengaluru