Highlights
- RBI allowed American Express Banking Corp to onboard new customers on its card community
- The central financial institution had imposed the restrictions on May 1, 2021
- They have been additionally required to report compliance to RBI
The Reserve Bank on Wednesday lifted the restrictions on American Express Banking Corp and allowed the onboarding of new domestic customers on its card community. The central financial institution had imposed curbs on American Express Banking Corp for being non-compliant with the instructions on Storage of Payment System Data efficient May 1, 2021.
“In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI) circular… on Storage of Payment System Data, the restrictions imposed… on the onboarding of new domestic customers have been lifted with immediate effect,” the central financial institution stated in a press release.
In April 2018, all cost system suppliers have been directed to make sure that their total information (full end-to-end transaction particulars/ data collected/ carried/ processed as a part of the message/ cost instruction) regarding cost techniques operated by them is saved in a system solely in India. They have been additionally required to report compliance to RBI and submit a board-approved System Audit Report (SAR) performed by a CERT-In impanelled auditor throughout the specified timelines.
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