Why HDFC Bank has fired 3 employees in Dubai
21 Mar 2026

HDFC Bank has terminated the services of three employees over lapses in client onboarding at its Dubai International Financial Centre (DIFC) branch.

The decision comes after allegations of mis-selling Credit Suisse's Additional Tier-1 (AT-1) bonds.

The local regulator, Dubai Financial Services Authority, had previously barred HDFC Bank from onboarding new customers at this branch last September due to these allegations.

Personnel changes undertaken as per bank's conduct regulation
Official statement

In response to the terminations, HDFC Bank issued a statement acknowledging the gaps in client-onboarding requirements at its DIFC branch.

The bank said it had conducted a thorough and impartial review of the matter and taken appropriate remedial actions as per internal policies.

"Personnel changes have been undertaken along with appropriate action as per the bank's conduct regulation," it added.

HDFC Bank reaffirms commitment to compliance, regulatory adherence
Governance concerns

HDFC Bank emphasized its commitment to maintaining high standards of compliance and regulatory adherence.

This comes after the bank's chairman, Atanu Chakraborty, had resigned abruptly on March 18 over ethical concerns.

This was the first time a part-time chairman had left mid-way at HDFC Bank, raising questions about the bank's functioning.

Chairman resigned over ethical concerns
Worrying

Chakraborty was appointed as the part-time chairman of HDFC Bank on May 5, 2021.

His term had been extended for another three years in 2024, till May 4, 2027.

In his resignation letter, he said, "Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics."