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RBI restricts Mastercard from onboarding new domestic customers

RBI restricts Mastercard from onboarding new domestic customers
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RBI Stops American Express and Diners Club Stopped from Adding New Customers, Finds Flaws in Storage Data

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.

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RBI bars American Express, Diners Club from onboarding new customers

The Reserve Bank of India (RBI) on Friday restricted card companies American Express and Diners Club International from onboarding new domestic customers from May 1 as they did not adhere to guidelines on local data storage. “These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers,” the RBI said in an official statement. As of February, American Express had total credit cards outstanding of 1.56 million and was the seventh largest credit card issuers in the country. The cards were used for transactions worth Rs 2,325 crore, according to RBI data.

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RBI Restricts American Express, Diners Club From Enrolling New Customers May 1 Onwards

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.

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RBI American Express Diners Club restricted from taking new customers card payments latest news

URL copied Image Source : FILE PHOTO Reserve Bank of India (RBI) restricts American Express Banking Corp and Diners Club from on-boarding new customers from May 1. The Reserve Bank of India (RBI) restricted American Express Banking Corp and Diners Club from on-boarding new customers from May 1, PTI reported. RBI in its orderÂ dated April 23, 2021, 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. 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).

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