DCB Bank starts branch banking in Nabha & Jagraon in Punjab

Ludhiana, March 24, 2014: DCB Bank Ltd. (Formerly Development Credit Bank Ltd.), a new generation private sector bank, strengthened its commitment to the residents of eastern Punjab with the opening of its branches in Nabha and Jagraon. The branch will provide an array of accounts and deposit products for individual customers, Micro-SME and SME banking and agri-processor products such as loan against valid warehouse receipt. DCB Bank offers amongst the best Fixed Deposit interest rates from one year to three years time period. Customers who apply to open the DCB Elite Account can make their own bank account number!

The Bank has unique products to fulfill the needs of customers.

DCB Bank at Nabha was inaugurated by Surjit Singh, Executive Officer, Municipal Council, Nabha in the presence of Jaspal Juneja, President - Petroleum Dealer Association, Nabha and Praveen Kutty, Head Retail and SME Banking, DCB Bank

DCB Bank at Jagraon was inaugurated by Trishla Jain, General Secretary – SMSS (R) in the presence of Apneet Riyait, (IAS) SDM Jagraon and Praveen Kutty, Head Retail and SME Banking, DCB Bank.

Small scale industry and private businesses are the primary source of income in the area. DCB Bank has banking products such as SME/MSME loan, trade finance, cash management services. DCB Bank in Punjab will focus in areas, where individuals, Micro-SME, SME and agri-processors have the potential to grow.

In a statement Murali M. Natrajan, Managing Director & CEO, DCB Bank, said, “DCB Bank is committed to strengthen branch presence in Punjab. The Bank offers a range of banking products that specifically meet requirements of customers in the region. Retail Banking, Micro SME & SME Banking and customer service are the Bank’s strengths. We will also look to offer loan against valid warehouse receipts and customer friendly home loan. We believe that branch expansion is significant as we bring customer service focus, we offer better features and benefits for customers.

Praveen Kutty – Head SME & Retail Banking, DCB Bank, said, “We are delighted to inaugurate our first branch in Nabha and Jagraon. DCB Bank’s new branches at Jagraon and Nabha reach out to a cross-section of individuals and entrepreneurs. Our branches offer banking accounts and products with more features and benefits to customers. Better Fixed Deposit interest rates, more benefits from Savings Accounts and Current Accounts, affordable insurance, foreign exchange inward remittance from USA, Canada, UK, Europe, etc., NRI banking and more. DCB Bank will give customers a new banking experience for individual customers, Micro-SME and SME businesses and agri-processors.”

DCB Bank is a modern emerging new generation private sector bank with 123 branches in 73 locations across 16 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed.

DCB Bank has contemporary technology and infrastructure including state of the art internet banking for personal as well as business banking customers. The Bank’s business segments are Retail, micro-SMEs, SMEs, mid-Corporate, Microfinance Institutions (MFI), Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks and Non Banking Finance Companies (NBFC). DCB Bank has approximately 450,000 customers.

The Bank has deep roots in India since its inception in 1930s. Its promoter and promoter group the Aga Khan Fund for Economic Development (AKFED) & Platinum Jubilee Investments Ltd. holds over 18% stake. AKFED is an international development enterprise. It is dedicated to promoting entrepreneurship and building economically sound companies. AKFED operates as a network of affiliates with more than 90 separate project companies over 30,000 people. The fund is active in 16 countries in the developing world. AKFED had co-promoted HDFC in India in the late 70s.