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Saturday, January 11, 2014

Development Credit Bank renamed

Private sector lender Development Credit Bank Ltd will now be DCB Bank Ltd, an Reserve Bank of India notification said on Friday.

“We advise that the name of ‘Development Credit Bank Limited’ has been changed to ‘DCB Bank Ltd’ in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from October 24, 2013,” RBI said.

DCB bank, which was converted into a scheduled commercial bank from a co-operative bank, has a network of 100 branches across 15 States in the country.

The bank’s net profit for FY12-13 was at Rs 102 crore compared with Rs 55 crore in FY11-12.

The balance sheet size had increased by Rs 2,602 crore to Rs 11,279 crore as on March 31, 2013.

Source: Thehindubusinessline


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