HDFC Bank Mobile Banking Faces Glitches; Stock Rallies on Dividend News

HDFC Bank, the country's largest private sector lender, announced on June 15 that it is having troubles with its mobile banking service and has notified clients, according to a Twitter notification.

The Board of Directors of HDFC Bank will discuss a proposal for a dividend recommendation at its meeting on June 18, 2021, according to the bank.

In a regulatory filing, HDFC Bank stated that at its meeting on June 18, 2021, the Board of Directors will consider, among other things, a proposal for a recommendation of dividend on the Bank's equity shares for the financial year ended March 31, 2021, in light of the Reserve Bank of India's notification on the declaration of dividend by banks, which was released on April 22, 2021.

"We are experiencing some issues on the MobileBanking App. We are looking into this on priority and will update shortly. Customers are requested to please use NetBanking to complete their transactions. Regret the inconvenience caused," said the communications team of the HDFC Bank.

The newest technical issue occurs at a time when the bank's IT infrastructure is already being audited by the Reserve Bank of India (RBI) due to a number of reported technical issues.