Dhanlaxmi Bank

Last updated

Dhanlaxmi Bank
Company type Public
BSE:  532180
NSE:  DHANBANK
Industry Banking
Financial services
Founded14 November 1927;96 years ago (1927-11-14)
Headquarters Thrissur, Kerala, India
Key people
  • Ajith Kumar K K
    (CEO & MD)
Products
RevenueIncrease2.svg1,360 crore (US$160 million) (2024) [1]
Increase2.svg57.82 crore (US$6.9 million) (2024) [1]
Total assets Increase2.svg15,962 crore (US$1.9 billion) ( 2024) [1]
Number of employees
1,686 (March 2024) [1]
Capital ratio 12.71% [1]
Website www.dhanbank.com

Dhanlaxmi Bank Ltd is an Indian private sector bank headquartered in Thrissur, Kerala.

Contents

History

Dhanlaxmi Bank Ltd was incorporated on 14 November 1927 as Dhanalakshmi Bank at Thrissur with a capital of ₹11,000 and seven employees. It became a Scheduled Commercial Bank in the year 1977.

The bank changed its name from Dhanalakshmi Bank to Dhanlaxmi Bank on 10 August 2010. [2]

In 2020, shareholders voted to remove CEO Sunil Gurbaxani at the bank's annual general meeting, owing to governance issues at the bank. [3]

In April 2024, the Reserve Bank of India approved the appointment of Ajith Kumar KK as the managing director and CEO of Dhanlaxmi Bank for three years. Kumar will succeed incumbent CEO & MD J.K. Shivan. [4]

Operations

Dhanlaxmi Bank has deployed a Centralised Banking Solution (CBS) on the Flexcube platform at all its branches for extending anywhere/anytime/anyhow banking to its clientele through multiple delivery channels. The bank has set up a data centre in Bangalore, to keep the networked system operational round the clock. Reserve Bank of India empanelled the Bank as agency Bank for Government agency Business. Bank introduced Customs duty collection services through online mode and Goods and Services Tax(GST) collection through online and over the counter modes.

Partnerships

The bank is a depository participant of NSDL (National Security Depository Limited) offering Demat services through select branches. It has partnered with AGS Infotech for the installation of ATMs. It offers VISA & Rupay-branded debit cards and VISA-branched credit cards to customers. It is also offering insurance services through Bajaj Allianz Life Insurance and CANARA HSBC OBC LIFE company as their Bancassurance life insurance channel partner and Bajaj Allianz General Insurance as General Insurance Channel Partner.

Credit cards

In March 2010, the bank launched Dhanlaxmi Bank Platinum Credit cards. [5]

See also

Related Research Articles

<span class="mw-page-title-main">State Bank of India</span> Indian public sector bank

State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. It is the 47th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. It is a public sector bank and the largest bank in India with a 23% market share by assets and a 25% share of the total loan and deposits market. It is also the tenth largest employer in India with nearly 250,000 employees. In 2023, the company’s seat in Forbes Global 2000 was 77.

HSBC Bank Australia Limited is the Australian subsidiary of HSBC. The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury, and financial markets, payments and cash management, and securities custody.

The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector. In 2005, the institution was merged with its subsidiary commercial division, IDBI Bank, and was categorised as "Other Development Finance Institution" category. Later in March 2019, Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital, the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited. Presently, IDBI Bank is one of the largest Commercial Banks in India.

<span class="mw-page-title-main">Federal Bank</span> Indian bank

Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kerala. The Bank has 1504+ banking outlets and, 2015+ ATMs/ CDMS spread across different states in India and overseas representative offices at Abu Dhabi and Dubai.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

Jammu & Kashmir Bank Limited is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir. J&K Bank was incorporated on 1 October 1938, by the then ruler of the princely state of Jammu and Kashmir Maharaja Hari Singh with an initial paid up capital of ₹5.00 Lakh. There is some debate about whether the Maharaja referred to his personal treasury as the bank during its inception. The bank registered a total business turnover of over 1750 billion as of 31 March 2021.

<span class="mw-page-title-main">ING Vysya Bank</span> Indian bank

ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

<span class="mw-page-title-main">Allianz</span> German multinational financial services company

Allianz SE is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management.

<span class="mw-page-title-main">M. A. Yusuff Ali</span> Indian businessman (born 1955)

Yusuff Ali Musaliam Veettil Abdul Kader, popularly known as M. A. Yusuff Ali, is an Indian businessman and billionaire. He is the chairman and managing director of LuLu Group International, which owns the LuLu Hypermarket chain worldwide and LuLu International Shopping Mall. With an annual turnover of US$8.4 billion, LuLu Group International employs the largest number of Indian diaspora. According to Forbes Middle East, Yusuff Ali was ranked No. 1 in Top 100 Indian business owners in the Arab World 2018. As per Forbes billionaires list published in October 2023, he was ranked 27th richest Indian with net worth of US$6.9 billion.

The city of Thrissur, the cultural capital of Kerala, is also a major commercial and business hub of South India. It is said to be the heartland of Kerala's business acumen and home to most every leading Malayali entrepreneurs. The city which is famous for Bullion, Banking and its Business acumen, is the darling of investors in Kerala. Thrissur is also referred as the Golden city of India. It manufactures 70% of plain gold jewellery in Kerala per day. According to a survey, Thrissur city has been placed on 7th among the ten cities in India to reside. According to Registrar of Companies, the period from 1 January to 31 March 2010, 87 companies were registered in Thrissur and stood second in Kerala after Cochin. Thrissur's traditional strength lies in best entrepreneurial and financial capabilities.

<span class="mw-page-title-main">South Indian Bank</span> Indian private sector banking company

The South Indian Bank Limited (SIB) is a major private-sector bank headquartered at Thrissur in Kerala, India. As of March 31, 2023, the bank had a network of 948 banking outlets (947 branches and 1 service branch) and 1322 ATMs/CRMs (1189 ATMs and 133 CRMs) spanning 26 states and 4 union territories).

Nedungadi Bank was the first private sector commercial bank to be set up in South India. Appu Nedungadi established the bank in 1899, in Calicut, Malabar District, British India.

<span class="mw-page-title-main">Yes Bank</span> Indian private sector bank

Yes Bank is an Indian private sector bank, headquartered in Mumbai, catering to retail customers, MSMEs, and corporate clients. Its network is spread across 300 districts in India and comprises 1,198 branches, 193 BCBOs and 1,287+ ATMs.

<span class="mw-page-title-main">Tapan Singhel</span>

Tapan Singhel is an Indian insurance executive that has been the Managing Director and Chief Executive Officer (CEO) of Bajaj Allianz General Insurance company since April 2012.

<span class="mw-page-title-main">RBL Bank</span> Indian bank

RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private sector bank founded in 1943 and headquartered in Mumbai. It offers services across five verticals: corporate banking, commercial banking, branch banking and retail liabilities, retail assets, and treasury and financial markets operations.

<span class="mw-page-title-main">Bajaj Finserv</span> Indian financial services company

Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.

Bajaj Finance Limited (BFL) is an Indian non-banking financial company headquartered in Pune. It is one of the leading non-banking financial companies (NBFCs) of India with a customer base of 83.64 million and holds assets under management worth 330,615 crore (US$40 billion), as of March 2024.

<span class="mw-page-title-main">ESAF Small Finance Bank</span> Indian small finance bank

ESAF Small Finance Bank is an Indian small finance bank headquartered in Thrissur, Kerala, providing banking services and small loans to the underbanked. Having started its operations as an NGO in 1992 under the name of Evangelical Social Action Forum, ESAF Microfinance was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI). It became a small finance bank in March 2017 and started operating in January 2018.

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.

<span class="mw-page-title-main">Canara HSBC Life Insurance</span> Indian insurance company

Canara HSBC Life Insurance is an Indian life insurance company, headquartered in Gurugram. Established in 2008, Canara HSBC Life Insurance was a joint venture between Canara Bank (51%), HSBC Insurance Holdings Limited (26%) and Punjab National Bank (23%). On 15 June 2022, the company renamed itself as Canara HSBC Life Insurance after the exit of its third partner, Punjab National Bank.

References

  1. 1 2 3 4 5 "Balance Sheet 31.03.2017". dhanbank.com (15 March 2018).
  2. "Dhanalakshmi Bank gets RoC nod for name change". Business Standard India. Press Trust of India. 14 August 2010.
  3. "After LVB, Dhanlaxmi Bank shareholders oust chief executive Sunil Gurbaxani". Business Standard. 1 October 2020. Retrieved 4 July 2023.
  4. "Dhanlaxmi Bank gets RBI approval for Ajith Kumar KK as MD and CEO". Moneycontrol. 19 April 2024. Retrieved 19 April 2024.
  5. "Dhanlaxmi Bank launches credit cards". Business Standard. Retrieved 28 March 2010.