HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre (DIFC) branch by the local regulator.
- In an exchange filing, the Bank said it has received the “decision notice” from DFSA, which points to alleged violations. Details of the violations were not informed by the bank.
- It can continue to service existing customers. The DIFC branch has 1,489 customers, including joint accounts.
“The bank has already initiated necessary steps to comply with the directives in the notice and is committed to working with the DFSA to promptly remediate and address DFSA concerns at the earliest,” the HDFC Bank filing said.