Dena Bank signs MOU with International Tractors Ltd. (ITL) for providing Channel Financing to the dealers of Sonalika brand of Tractors

Dena Bank entered into an agreement with International Tractors Ltd. (ITL) for providing Channel Financing to the dealers of Sonalika Tractors which is owned by International Tractors Ltd. (ITL)

Dena Bank envisages financing of working capital to dealers of International Tractors Ltd. (ITL) by way of Channel Financing. The purpose of the Channel Financing is to help the dealer to get hassle free finance.

Mr. S K Sharma, General Manager (PS&RRB), Dena Bank and Mr. K N Vigg, Managing Director, International Tractors Ltd., signed the MoU at a function held in Mumbai on Nov 26, 2012..

About Dena Bank

Dena Bank was founded on May 26, 1938 by the family of Devkaran Nanjee under the name Devkaran Nanjee Banking Company Ltd. It became a Public Ltd. Company in December 1939 and later the name was changed to Dena Bank Ltd. Dena Bank is amongst the first nationalised banks to enter equity market in November 1996. It offers the entire gamut of banking services including Retail Banking, Corporate Banking, International Banking, Services, Priority & SME Banking amongst others. The Bank is the first public sector bank to introduce Tele-Banking facilities for its customers at selected metropolitan centers. Dena Bank offers minor savings scheme, credit card in rural India and customer rating system for rating the bank services. The Bank posted a Total Income of Rs. 2,327.84 crore and a Net Profit of Rs. 239.64 crore as of the quarter ended September 30, 2012

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