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HDFC Bank, second highest valued company in India, has been barred by the Dubai Financial Services Authority (DFSA) from onboarding new clients or partaking in fresh business via its Dubai International Financial Centre (DIFC) Branch.

According to a letter to the stock exchange bourses, HDFC Bank said that its DIFC Branch received decision notice from DFSA on September 26.

The independent financial regulator has prohibited the bank's DIFC Branch from soliciting or conducting business with new clients for financial services.

The ban includes advising on financial products, brokering deals in investments, arranging credit, and advising on credit along with arranging custody.

DFSA has also barred the DIFC Branch from soliciting,

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