India's HDFC Bank said it has been barred from accepting new clients at its Dubai International Financial Centre branch, a move aimed at streamlining the onboarding process for its customers.
Mumbai-based HDFC, India's biggest private lender by assets and market capitalisation, was restricted from soliciting or accepting new clients who were unable to complete the onboarding process as of September 25, 2025, the bank said late on Friday in a filing to the Bombay Stock Exchange, citing an email from the Dubai Financial Services Authority.
The services included in the ban are advising on financial products, arranging investment deals and credit, advising on credit and arranging custody, and soliciting, onboarding or engaging in any financial promotions with any new client, it said.
However, the ruling does not include HDFC's continued services to existing clients at its DIFC branch and the onboarding of and servicing of customers who may have been previously offered or provided financial services and who had not, at such time, been onboarded as clients of the branch.
The ban will remain in place until the DFSA deems it appropriate to revoke it.
"The bank has already initiated necessary steps to comply with the directives in the above-referred notice and is committed to work with the DFSA in its continuing investigation and to promptly remediate and address the DFSA concerns at the earliest," HDFC said.
HDFC clarified that the ban will not have any "material impact" on its Dubai business.
"The business undertaken at the DIFC branch is not material to the bank’s operations or its financial position and accordingly no ... implications are expected with respect to the overall operations or financial position of the bank," it added.
The UAE has strict rules for its industries as it seeks to maintain its status as the commercial and financial hub of the Middle East, and promote a business environment conducive for investors.
It has rolled out several initiatives specific to the financial sector in order to protect the industry's clients and investors.
HDFC's international footprint includes the DIFC branch and a representative office in Abu Dhabi. It also has branches in Bahrain and Hong Kong, with other representative offices in Kenya, London and Singapore.
