India reaffirms independent foreign policy approach in recent weeks
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Indian officials worked overtime to ensure that the USA provided with waiver for vaccine patents and also allowed vaccines to be shared with India even as shipments continued to arrive here from the USA with assistance to fight Covid.
Agencies
The waiver for vaccine patent was achieved after huge efforts led by Indian diplomats and ably backed by the South African Embassy in Washington DC.
India’s independent world view has been reaffirmed in the recent days with the fact that while it has worked closely with the USA on medical supplies to fight Covid it has not shied away from steps against US financial firms for violating local laws.
RBI Stops American Express and Diners Club Stopped from Adding New Customers, Finds Flaws in Storage Data
American Express and Diners Club were found not following the RBI s directions on ensuring that data of transactions, payments, instructions, and customer information collected by them is stored in a system within India
| 24 April 2021 7:00 AM GMT
Mumbai: The Reserve Bank of India (RBI) has restricted American Express (AmEx) and Diners Club International Ltd. from adding new domestic customers from May 1, 2021, for not following the rules on Storage of Payment System Data.
The two companies were found not following the RBI s directions on ensuring that data of transactions, payments, instructions, and customer information collected by them is stored in a system within India.
6 hours ago
The Reserve Bank of India (RBI) imposed business sanctions on American Express and Diners Club, two major global card networks, for violations with the regualtors’ data localisation norms. This is the first time the central bank has imposed business sanctions against card network companies and payment operators in India due to non-compliance with the data storage norms.
On Thursday, the RBI barred Amex and Diners from on-boarding new Indian customers from May 1, 2021 onward. “These entities have been found non-compliant with the directions on Storage of Payment System Data. This 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).”
RBI imposes restrictions on American Express and Diners Club
April 23, 2021
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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.
In an order issued on Friday, the RBI said the aforementioned entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers, it added.
The RBI’s circular on Storage of Payment System Data (April 6, 2018) had directed all Payment System Providers to ensure that the entire data relating to payment systems operated by them is stored in a system in India within six months.
RBI restricted American Express and Diners Club from adding new customers from May 1
The Reserve Bank of India (RBI) has restricted American Express and Diners Club International Ltd. from adding new domestic customers from May 1 for not complying with data storage rules. The central bank says its order won t impact existing customers. The two companies have been found guilty of not complying with the rules on Storage of Payment System Data , according to a statement issued by the central bank.
It cracked the whip on the two companies in the form of supervisory action after the two entities were found not following the RBI s directions on ensuring that data of transactions, payments, instructions and customer information collected by them is stored in a system within India.