The Hindu : Business : Dena Bank to launch new product

Online edition of India's National Newspaper
Tuesday, Jul 25, 2006

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Business

Dena Bank to launch new product

Special Correspondent

MUMBAI: Dena Bank will be launching shortly a new product, `Dena Super Premium Current Account,' that will provide free remittances facility through the bank's "any branch banking network,'' free debit card with insurance cover of Rs. 2 lakh in case of accidental death, telebanking facility and free outstation cheque collection.

"The bank is in the final stages of introducing core banking solution in a phased manner and the bank proposes to cover at least 850 of its branches under core banking to offer newer technology-enabled services,'' P. L. Gairola, Chairman and Managing director of Dena Bank, said here on Monday, while announcing the bank's quarterly financial results.

The bank reported a net profit of Rs. 18.49 crore for the quarter ended June 30, 2006, compared to a net loss of Rs. 189.30 crore during the corresponding period last year. The operating profit for the quarter declined to Rs. 117.18 crore from Rs. 124.07 crore "due to lower treasury earnings''. On the RBI's quarterly review of annual policy for 2006-07 on Tuesday, Mr. Gairola said, "We are expecting a rate hike of 25 basis points ((0.25 percentage point).

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