The study focuses upon the financial distress and dividend policy of selective public
banks across the India. The study provides highlights on relationship between previous two along
with assessing the moderating effects of debt-equity of banks, the study aims to establish a relationship
between the financial distress with dividend policy, many studies have been conducted to verify the
robustness of the banking industries across the world, the authors also focused to verify the financial
distress using Altman Z-Score model, this study focuses upon the impact of financial distress of
selective banks on dividend policy of selective banks. The study found insignificant impact of
financial distress on the dividend policy of selective banks, whilst debt-equity negatively moderates
the association of previous both at 5% level of significance. The study uses panel data analysis
adopting fixed effects and random effects model. The collinearity test is conducted at 5% level of
significance; indicate that no variable has any significant impact on the dividend policy of banks.

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