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HDFC Bank has been barred from onboarding new customers at its Dubai International Financial Centre branch by the local regulator.
Photograph: Courtesy, HDFC Bank, Dubai
HDFC Bank, India’s largest private sector lender, said it has initiated the necessary steps to comply with the notice of the Dubai Financial Services Authority and added that it does not see any material impact from it.
Exact details of the alleged violations leading to the action against HDFC Bank were not immediately clear.
In an exchange filing late on Friday evening, HDFC Bank said it has received the “decision notice” from DFSA, which points to alleged violations pertaining to financial services offered by the DIFC branch to customers not onboarded at the outlet, and also in the onboarding of customers at the Dubai International Financial Centre (DIFC) Branch.
HDFC Bank disclosed that it has also been barred from soliciting customers, but added that it can continue to service existing customers.
The DIFC branch has 1,489 customers, including joint accounts, HDFC Bank said.
The regulatory decision will be in force till the bank gets a communication from the watchdog, amending or revoking its decision in writing, HDFC Bank said.
“The bank has already initiated necessary steps to comply with the directives in the notice and is committed to working with the DFSA to promptly remediate and address DFSA concerns at the earliest,” the HDFC Bank filing said.
