Public sector, Dena Bank has announced its new Chairman and Managing Director who has been appointed by the Central Government in consultation with the Reserve Bank of India.

Mr D.L Rawal, who is presently the Executive Director of Canara Bank, has been appointed for the post. He has taken over the charge from January 1st, 2009 and is appointed up to October 31st, 2011 which is the date of his superannuation or until further orders, whichever is earlier.

Recently Dena Bank has announced a cut in prime lending rate (PLR) to 12.75% from 13.5% with effect from January 1st. Even the deposit rate of the bank has been declined across various maturities.

Dena Bank was earlier known as Devkaran Nanjee Banking Company Ltd. and was founded on 26th May, 1938. It is one among the few Banks to receive the World Bank loan for technological up gradation and training. It has been the first bank to introduce credit card in rural India known as "DENA KRISHI SAKH PATRA" (DKSP). It has a branch network of 1122 branches and 295 ATMs spread across the country.