HDFC Bank News: Dubai Financial Services Authority has banned HDFC Bank. Under which the bank can no longer add new customers to Dubai branch. HDFC Bank has given information about this news to the exchange. In which it was told that on 26 September, Dubai Authority gave a notice to the bank. According to which the bank will not be able to provide its service to new customers through Dubai International Financial Center (DIFC) branch.
Which work has been banned
The Dubai Financial Services Authority has forbidden the bank to add new customers. It has been told in this ban that now the bank will not give any kind of financial advice to new customers. Also, the bank will not be able to arrange loan, investment deal, loan advance and custody on the loan. Along with this, DFSA has told the bank that they cannot contact new customers and will also stop any kind of financial promotion.
Existing customers will not affect
This ban of DFSA will not affect the existing customers. The bank will continue to give them all their services as before. The bank has informed that the ban of DFSA will continue till written or canceled in writing. By September 2025, HDFC Bank has 1489 customers in DIFC branch, including single and joint holders. Those who are taking the service of the bank.
Regarding this matter, information has been given by HDFC that the bank will follow all instructions. The bank has said that it is ready to cooperate in every investigation, and will soon try to solve this problem with DFSA.
What is the reason for this whole controversy
This controversy of HDFC and Dubai Financial Services Authority is being linked to an incident two years old. HDFC Bank was accused of selling risky investment products through his UAE operations. In which many Indian investors had to suffer losses. Talk about the bank shares, it has seen a decline. Now it has to be seen how the company shares will behave on Monday’s business day.
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