HDFC Bank barred from onboarding new shoppers in Dubai department by native regulator

HDFC Bank has been barred from onboarding new prospects at its Dubai International Financial Centre department by the native regulator.

HDFC Bank, India’s largest personal sector lender, mentioned it has initiated the mandatory steps to adjust to the discover of the Dubai Financial Services Authority and added that it doesn’t see any materials impression from it.

Exact particulars of the alleged violations resulting in the motion in opposition to HDFC Bank weren’t instantly clear.

In an alternate submitting late on Friday night, HDFC Bank mentioned it has obtained the “decision notice” from DFSA, which factors to alleged violations pertaining to monetary providers supplied by the DIFC department to prospects not onboarded on the outlet, and in addition within the onboarding of consumers on the Dubai International Financial Centre (DIFC) Branch.

HDFC Bank disclosed that it has additionally been barred from soliciting prospects, however added that it could possibly proceed to service current prospects.

The DIFC department has 1,489 prospects, together with joint accounts, HDFC Bank mentioned.

The regulatory choice will likely be in power until the financial institution will get a communication from the watchdog, amending or revoking its choice in writing, HDFC Bank mentioned.

“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 submitting mentioned.

The HDFC Bank scrip had closed 0.47% down ₹945.15 apiece on the BSE on Friday (September 26, 2025) in opposition to a 0.90% correction on the benchmark.