New Delhi: HDFC Bank has informed that its branch in Dubai International Financial Centre, namely ‘DIFC branch’, has received a decision notice from the Dubai Financial Services Authority (DFSA), restricting it from onboarding or soliciting new clients.

Further, DIFC has also been banned from soliciting, onboarding or engaging in any financial promotions with any new client, the HDFC Bank informed in an exchange filing.

According to the notice, the DIFC branch has been prohibited from engaging in financial services for new clients, including advising on financial products, arranging deals in investments, arranging credit, and providing custody services.

The regulator highlighted concerns regarding the branch’s practices around financial services provided to customers not fully onboard

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