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HDFC Bank to consider dividend for FY21 on June 18

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  • HDFC Bank to consider interim dividend for FY21 on June 18.

HDFC Bank on Tuesday said that the board of directors during a meeting scheduled on Friday, June 18, 2021, will consider a proposal for a recommendation of dividend on the equity shares of the bank for the fiscal year ended March 31, 2021. The bank said that it’s insight of the RBI’s April 2021 notification concerning the declaration of dividends by banks.

”The Board of Directors of HDFC Bank Limited (“the Bank”), at its meeting scheduled to be persisted June 18, 2021, shall inter alia consider a proposal for a recommendation of dividend on the equity shares of the Bank for the fiscal year ended March 31, 2021, in sight of the notification of the Federal Reserve Bank of India concerning the declaration of dividend by banks released on April 22, 2021,” the bank said in an exchange filing.

The Federal Reserve Bank of India (RBI), during a notification on April 22, 2021, had asked banks to limit dividend payouts for FY21 to 50% to conserve capital and stay resilient amid the covid-19 crisis.

“In view of the continuing uncertainty caused by the continued second wave of covid-19 within the country, it’s crucial that banks remain resilient and proactively raise and conserve capital as a bulwark against unexpected losses,” the financial institution had said during a statement. Cooperative banks, however, were permitted to pay dividends on equity shares from the profits of the fiscal year.

RBI didn’t permit banks to pay any dividends in 2019-20 also. In April last year, it had barred banks from announcing any such rewards amid an epidemic of the pandemic.

The Bank shall appropriately inform the Exchanges after the conclusion of the committee meeting, HDFC Bank added.

Further, the trading window for dealing in securities of the Bank will remain closed from June 15, 2021, to June 20, 2021 (both days inclusive) for the designated employees, directors, etc. pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 and therefore the Bank’s Share Dealing Code, the bank said.

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