HDFC Bank's Dubai Branch Faces Regulatory Restrictions on New Client Onboarding

HDFC Bank's Dubai International Financial Centre (DIFC) branch has received a decision notice from the Dubai Financial Services Authority (DFSA) imposing restrictions on new client onboarding and certain financial services. The restrictions, effective September 26, 2025, prohibit soliciting new clients for specific services and engaging in financial promotions with new clients. The action stems from concerns about customer onboarding processes. The bank can continue serving its existing 1,489 customers and does not anticipate significant financial impact. HDFC Bank is working to address the regulator's concerns and comply with directives.