Dena Bank was founded on May 26, 1938 by the Devkaran Nanjee family under the name Devkaran Nanjee Banking Company Ltd. It became a public corporation Ltd. in December 1939 and later the name was changed to Dena Bank Ltd. In July 1969 Dena Bank Ltd. together with 13 other large banks was nationalized and is now a Public Sector Bank incorporated under the Bank Companies Act (Acquisition and Transfer of Companies), 1970. Under the provisions of the Banking Regulation Act 1949, in addition to banking, the Bank may undertake other activities as specified in Section 6 of the Banking Act of 1949.
One of the six Public Sector Banks selected by the World Bank to sanction a Rs.72.3 crore loan to increase Tier-II Capital under the Financial Sector Development Project in 1995. One of the few Banks to receive World Bank loan for technological development Upgradation and training.Launched a bond issue of Rs.92.13 crores in November 1996.Maiden Public Issue of Rs.180 Crores in November 1996.Introduced Telebanca facility of certain metropolitan centers.