Overview

• The directive blocks solicitation, financial promotions, and new‑client services including advice on financial products, arranging investments or credit, advising on credit, and arranging custody.
• The restrictions do not affect existing customers, and certain prospects who were previously offered services may still be onboarded and serviced.
• The order remains in force until the regulator amends or revokes it in writing, and no timetable for lifting the curbs has been indicated.
• HDFC Bank said it has begun remediation and is cooperating with the DFSA, describing the DIFC branch as not material and reporting 1,489 customers as of September 23.
• Coverage links the regulator’s action to complaints about alleged misuse of NRI fixed deposits and the sale of Credit Suisse AT1 bonds through the bank’s UAE operations.