Wednesday, March 10, 2004
Business Standard

Our Bureau in Bangalore

Aga Khan Foundation may hike DCB stake

The Aga Khan Fund for Economic Development (EKFEB), which is the single largest shareholder and holds 49 per cent of Development Credit Bank Ltd equity, is looking at hiking its stake in DCB, post the Government of India notification that the FDI in Indian banks can go up to 74 per cent.

“The board meeting of DCB is expected to be held during this month a positive decision is expected on this front,” said H V Sheshadri, managing director & CEO of the bank.

Sheshadri, who was in Bangalore to expand its branch network in the city, also announced the bank’s initiatives to be more retail focussed and upgrade its technology back-end.

“DCB has implemented Infosys’ banking solution Finacle, which will aid the bank to introduce a host of features that will add convenience to the customers banking with DCB. We have also tied up with Visa International to launch internationally accepted debit card program,” he said.

He claimed DCB is evolving into a world-class bank that uses technology as the key differentiator to gain competitive advantage and to create a unique customer value proposition. “We have entered into several arrangements to provide complete customer convenience and access. In the first such tie-up, we have an ATM-sharing arrangement with HDFC Bank. Additionally, we are a part of Euronet, which allows our customers access to the ATMs of UTI Bank, Citibank, IDBI Bank and Corporation Bank — translating into an access to over 2,500 ATMs across the country.”