Development Credit Bank joins IMPS with soft launch

The history of DCB is worth knowing. It is actually an amalgamation of few Co-operation Banks, which finally resulted in into a joint stock banking company, the Development Credit Bank Limited on May  31, 1995.

In the 1990s there were about 1400 co-operative banks in India and a few of these co-operative banks were given permission by RBI to convert into scheduled commercial banks. Development Co-operative Bank was one of   11 such banks that converted themselves into scheduled commercial banks. 

The Chief promoter of DCB is The Aga Khan Fund for Economic Development (AKFED) holds over 23% stake.  

I see immense potential for DCB customers via the IMPS module, as this will open up a new channel for funds transfer.