The Dubai Financial Services Authority (DFSA) has barred HDFC Bank’s Dubai branch from onboarding or soliciting new clients.

The bank’s Dubai International Financial Centre (DIFC) branch has received a notice from the UAE regulator restricting it from onboarding new customers owing to ongoing scrutiny around the branch’s services involving the onboarding process.

HDFC Bank, however, clarified that the DIFC branch operations will continue. “The bank has already initiated necessary steps to comply with the directives in the above-referred notice and is committed to work with the DFSA in its ongoing investigation and to promptly remediate and address the DFSA concerns at the earliest,” the company has said in a statement.

The branch has also been barred from making financial promotions to new clients, but financial services offered already to customers will not be impacted. – editor@nrifocus.com