HDFC Bank to announce dividend distribution for FY2021 on June 18

Due to coronavirus infection and lockdown, RBI had stopped the banks from distributing dividend in the fiscal year 2020.

HDFC Bank said on Tuesday that the Board of Directors is scheduled to meet on Friday, June 18. In this meeting, the bank can announce dividend for the fiscal year ending March 31, 2021.

The bank said in the information given to the stock exchange, “The board of directors of HDFC Bank is going to meet on June 18, 2021. In this it will be decided how much dividend should be given for the fiscal year 2021.”

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HDFC Bank said that on April 22, 2021, the Reserve Bank issued a notification related to the distribution of dividends of banks, keeping in mind that the dividend will be announced.

What was RBI notification?

RBI had issued a notification on April 22 this year asking banks, “Banks should limit the dividend payout to 50 per cent for the fiscal year 2021 and save capital to help them function in this era of coronavirus infection.”
However, cooperative banks are exempted from paying dividends from profits on equity shares.

RBI did not allow dividend distribution to banks in Fiscal Year 2020. RBI took this decision after the lockdown started in April last year.

HDFC Bank said that from June 15, 2021 to June 20, 2021, the trading of shares for designated employees and directors will be closed so that no insider trading can take place.

HDFC Bank shares were trading at Rs 1490.55, up 0.75 per cent at 12.13 pm.

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