HDFC Bank confirmed that the Dubai Financial Services Authority (DFSA) has barred its Dubai International Financial Centre (DIFC) branch from onboarding or soliciting new customers. The order has been effective since September 26 and will remain in place “until otherwise amended or revoked.”
Compliance Steps Initiated
In a statement issued late Friday, HDFC Bank said it has already taken steps to comply with the directive and pledged full cooperation with the DFSA. The bank emphasised its commitment to “promptly remediate and address the DFSA concerns at the earliest.”
Current Client Base Unaffected
As of September 23, the DIFC branch serves 1,489 customers, including joint account holders. The bank stressed that the prohibition applies only to new clients, while existing customers will continue to receive services without disruption.
Limited Impact on Overall Operations
HDFC Bank also clarified that the order will not have any “material impact” on its financial position or broader operations. The move by the DFSA focuses solely on client acquisition at the DIFC branch.
