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The RBI lifts Business Curbs Imposed on American Express.
The Reserve Bank of India (RBI) has lifted the business restrictions imposed on American Express on August 24.
In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect.
"With the Reserve Bank of India circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, over on-boarding of new domestic customers have been lifted with immediate effect," the release said.
The RBI had on 23 April, 2021 imposed restrictions on American Express Banking Corp from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the central bank's circular dated April 6, 2018 on Storage of Payment System Data.
About American Express:
American Express is a payment system operator authorized to operate card networks in the country under the Payment and Settlement Systems Act, 2007.
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