Hinduja Bank Middle East was today granted category one license by the Dubai Financial Services Authority (DFSA), upgrading it from the current status of category three bank here.

Ahmed Humaid Al Tayer, Governor of Dubai International Financial Centre (DIFC), handed over the license to S P Hinduja, Chairman of the diversified Hinduja Group, this morning, Hinduja Bank Middle East Chief Executive Officer Pradeep Gupta told PTI.

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The DFSA is the sole independent regulator of all financial and ancillary services conducted through the DIFC, a purpose-built free zone in Dubai.

The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.

The DFSA supervises and regulates a total of 322 entities: 247 authorised firms, 57 ancillary service providers, 17 registered auditors and 2 markets.

Hinduja Bank is part of the Hinduja Group, which has interests in various sectors like finance and automobile.

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