The Ismailia Co-operative Bank Limited and the Masalawala Co-operative
Bank Limited came into being in the 1930s. Eventually, Diamond
Co-operative Bank Limited merged with Ismailia Co-operative Bank
Subsequently in 1981, Ismailia Co-operative Bank Limited was
with Masalawalla Co-operative Bank Limited to form the Development
Co-operative Bank Limited. Citi Cooperative Bank Limited later merged
Development Co-operative Bank Limited, which thereafter was converted
a joint stock banking company, the Development Credit Bank Limited on
In the 1990s there were about 1400 co-operative banks in India and a
of these co-operative banks were given permission by RBI to convert
scheduled commercial banks. Development Co-operative Bank was one of
11 such banks that converted themselves into scheduled commercial
Vide their resolution dated January 28, 1995, the shareholders of
Co-operative Bank resolved to register as a limited company within
of Sections 566 of the Companies Act. Development Credit Bank Limited
granted the certificate of incorporation under the Companies Act and
to carry on banking business under Section 22 of the Banking
1949 on May 31, 1995. At the time of its conversion to a limited
the Companies Act, the Bank had a capital of Rs.73.34 million and net
over Rs.1000 million.
Since its conversion into a scheduled commercial bank, the Bank has
years expanded its operations beyond the states of Maharashtra,
Andhra Pradesh into the states of, Goa, Haryana, Karnataka, Tamil
Territories of Daman and Diu & Dadra & Nagar Haveli and the National
Territory of Delhi. Today, it has a network of 67 branches, 5
and 101 ATMs across the country.
The terms of the banking license issued to the Bank under Section 22
Banking regulation Act stipulated, amongst others, that:
a) the Bank must comply with the Guidelines on Entry of Private
dated January 22, 1993 issued by the Reserve Bank of India;
b) on the date of conversion, the unimpaired value of the paid up
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
shares listed on stock exchanges immediately after one year of its
d) the Bank must comply with the priority sector lending norms of 40%
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
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
b) shares of the banks should be listed on stock exchanges;
c) voting rights of the shareholders of the bank shall be governed by
of 1% (now increased to 10%) of the total voting rights as stipulated
12(2) of the Banking Regulations Act;
d) the new bank must not have as its director any person who is a
any other banking company or of companies which are entitled to
voting rights in excess of 20% of the total voting rights of all the
the banking company as laid down in the Banking Regulation Act,
e) the bank must achieve capital adequacy of 8% (now increased to 9%)
risk weighted assets from the beginning. Similarly norms for income
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
limits that will be in force from time to time;
f) though the bank must comply with the norms for priority sector
modification in the composition of the priority sector lending may be
the RBI for an initial period of three years;
g) the bank may be issued an authorised dealer’s license to deal in
exchange when applied for;
h) it shall be governed by the policy that banks are free to open
various centres including that banks are free to open branches at
including urban/metropolitan centres without the prior approval of
the RBI once
they satisfy the capital adequacy and prudential accounting norms.
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
- 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
- DCB received permission to open two Semi-Urban / Rural branches
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,
- 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
-DCB Bank and ITZ Cash launch Freedom Pre-Paid Card.