HDFC Bank Dubai Branch Halted from Onboarding New Clients

Dubai, September 27, 2025 – HDFC Bank Limited announced on Friday that its Dubai International Financial Centre (DIFC) branch has been directed by the Dubai Financial Services Authority (DFSA) to stop onboarding new clients.

The DFSA’s Decision Notice, dated September 25, 2025, prohibits the branch from soliciting or conducting business with clients who had not completed the onboarding process by that date. The restrictions cover advising on financial products, arranging investment deals, providing credit advice, custody-related services, and any financial promotions.

Existing clients will continue to receive services, and clients who had previously received services but were not formally onboarded may still be accommodated. The directive came into effect on September 26, 2025, and will remain until the DFSA issues an amendment or revocation.

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The regulator cited concerns over financial services provided to clients not properly onboarded and highlighted deficiencies in the branch’s onboarding processes.

HDFC Bank clarified that the DIFC branch’s operations are not material to the bank’s overall financial position and no significant financial impact is expected. As of September 23, 2025, the branch had 1,489 onboarded customers, including joint account holders.

The bank also confirmed that it has begun implementing measures to comply with the DFSA’s directives and is cooperating with the regulator to address the issues promptly.

HDFC Bank remains committed to regulatory compliance and maintaining service continuity for existing clients while addressing DFSA concerns.