HDFC Bank barred by Dubai Financial Services Authority from onboarding new clients or undertaking fresh biz

The Dubai Financial Services Authority (DFSA) has prohibited HDFC Bank from accepting new customers or starting new business through its branch in the Dubai International Financial Centre (DIFC). In a statement to the stock markets, HDFC Bank stated that on September 26, the DFSA sent a decision notice to its DIFC Branch. The bank's DIFC Branch is not allowed to approach or deal with new customers for financial services, according to the DFSA. Financial product advice, investment deal arranging, credit arranging, and credit advising in conjunction with custody arrangements are all prohibited.