HDFC Bank announced that its branch located in the Dubai International Financial Centre (DIFC) has received a directive from a UAE regulatory authority to halt the acceptance of new clients.
The bank stated late Friday that the order from the Dubai Financial Services Authority (DFSA) became effective on September 26 and will remain in place until it is “amended or revoked.”
In its statement, the bank noted, “We have already initiated the necessary steps to comply with the directives outlined in the aforementioned notice and are committed to working with the DFSA to address the concerns as soon as possible.”
As of September 23, the HDFC branch in the DIFC served 1,489 clients, including those with joint accounts.
The bank emphasized that this order does not have a “material impact” on its overall operations or financial position.
Additionally, it clarified that the ban does not affect the ongoing service for current clients of the DIFC branch.