RBI imposes restrictions on American Express, Diners Club
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IANS
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Reserve Bank Of India. Image Source: IANS News
Mumbai, April 23 : The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1, 2021.
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers.
American Express Banking Corp and Diners Club International Ltd are payment system operators authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).