The Dubai Financial Services Authority (DFSA) has barred HDFC Bank’s Dubai International Financial Centre (DIFC) branch from soliciting or conducting business with new clients, effective September 26.

The restriction covers all “financial services” — including advising on financial products, arranging deals in investments, arranging credit, advising on credit, arranging custody, and soliciting, onboarding, or engaging in any financial promotions with new clients, the bank said in an exchange filing.

According to the filing, violations at the DIFC branch included providing financial services such as advising or arranging financial products and credit for customers not onboarded by the DIFC branch, issues with customer onboarding, and other related matters.

HDFC Bank clarified that the D

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