In the time before India got independence, the seeds of banking were sowed in the country by its natives and nationals. Dena Bank was one such venture of a commercial bank which was set up in 1938 by a native Devkaran Nanjee in Mumbai. Post 1969, it too got nationalized with other banks, thus being incorporated in the ambit of public sector bank.
The logo of Dena Bank is quite fascinating depicting Goddess Laksmi, the goddess of wealth and prosperity thus encouraging the savings capability of its valued customers. With a network of 1400 branches in India and net revenue of Rs.55673 million in 2010-2011, Dena Bank serves its customers to the hilt of satisfaction.
Vijaya Bank and Dena Bank were merged with Bank of Baroda with effect from April 1, 2019.
On 17 September 2018, the Finance Ministry of the government of India proposed to merge three state run banks — Vijaya Bank, Bank of Baroda, and Dena Bank — into a single bank.
The amalgamated bank was estimated to become the third biggest bank in India with a total business of more than ₹1,482,000,000,000 (equivalent to ₹1.7 trillion or US$22 billion in 2020).
Some of the main stated reasons for the merger were to help the weaker banks improve their operational efficiency, increase their customer base and market reach, and to help them raise capital without depending on government funds at all.
Checkout the information about the merging of banks here