What's the story

The Dubai Financial Services Authority (DFSA) has barred HDFC Bank 's Dubai International Financial Centre (DIFC) branch from onboarding new clients or providing financial services. The action comes over concerns related to the bank's onboarding practices. However, the lender has clarified that these operations are not material to its overall business and is taking steps to comply with the directives.

Regulatory action

What does the DFSA's directive entail?

The DFSA has prohibited HDFC Bank's DIFC branch from providing financial services to new clients, including advising on financial products, arranging investment deals, extending credit, and offering custody services. The branch is also barred from making financial promotions to new clients. However, these restrict

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