"For DCB, the investment will mean more investment in technology and an ability to grow at a faster pace in this rapidly evolving and increasingly competitive environment," bank chairman Naushad Padamsee said in a release here on Tuesday.
DCB board had approved the investment for which authorisation had already been received from the Foreign Investment and Promotion Board and the Reserve Bank of India, the release said.
Through the increased capital, DCB would consolidate itself and facilitate implementation of a five-year strategic plan as suggested by McKinsey and Company last year, it said.
Under the plan the bank would improve its competitive capacities through vastly-expanded automation and introduction of a new IT platform, the release said, adding, DCB would also sharpen its focus on personal financial services with a network of at least 90 access centres and automated teller machines in 12 cities. (PTI)