RBI lifts business curbs imposed on American Express Banking Corp
Aug 25, 2022, 08:56 IST
The Reserve Bank of India (RBI) has lifted the business restrictions imposed on American Express Banking Corp due to the satisfactory compliance demonstrated by the entity to RBI rules, the central bank said in a release.
"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, on on-boarding of new domestic customers have been lifted with immediate effect," the release said.
The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data.
American Express is a payment system operator authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007.
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"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, on on-boarding of new domestic customers have been lifted with immediate effect," the release said.
The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on storage of payment system data.
American Express is a payment system operator authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007.
SEE ALSO :
Hotels make for a happy home for investors, stocks return over 50% in less than six months
Sri Lanka bans import of 300 items including chocolates, perfumes and shampoos
Advertisement