Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee as the Devkaran Nanjee Banking Company Ltd. The bank became a public limited company in December 1939 and the name was changed to Dena Bank Ltd.

In July 1969, Dena Bank Ltd., along with 13 other major banks, was nationalized. Dena Bank is now a public sector bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.

In the course of its history, Dena Bank has achieved several milestones. Major among them are:

• Dena Bank was one among six public sector banks selected by the World Bank for a loan of Rs.72.3 crores for Tier-II capital augmentation under the Financial Sector Developmental project in 1995.
• Among the few banks to receive a World Bank loan for technological upgrade and training.
• Dena Bank has been the first bank to introduce the Minor Savings Scheme.

Dena Bank offers all the latest services to its customers, such as any-branch banking, multi-city cheque facility, telebanking, and electronic fund transfer.