The Dubai branch of HDFC Bank, operating under the Dubai International Financial Centre (DIFC), has been barred by the UAE regulator from onboarding new clients during an ongoing investigation into its client onboarding practices. The Dubai Financial Services Authority (DFSA) issued a directive restricting the branch from providing financial services for new customers, including advising on financial products, arranging investments and credit, providing custody, or making financial promotions. This move follows scrutiny over whether the bank’s processes meet DIFC’s strict requirements for onboarding “professional clients.” The development was first reported by the Economic Times. Advertisement

According to HDFC Bank, the branch’s operations are not material to the bank’s overall business

See Full Page