Overview

• The Dubai Financial Services Authority issued a Decision Notice on September 25, effective September 26, barring HDFC Bank’s DIFC branch from soliciting or onboarding new clients.
• Restrictions cover services to new clients including advising on financial products, arranging investment deals and credit, providing custody, and making financial promotions.
• Existing customers remain unaffected, and clients previously offered services may still complete onboarding and be serviced under the notice.
• The DFSA cited services provided to customers who were not properly onboarded and deficiencies in the branch’s onboarding processes, with the order in force until amended or revoked in writing.
• HDFC Bank said the branch had 1,489 customers as of September 23, called the business immaterial to group finances, and said it is cooperating as parallel probes continue in India by the ED and EOW.