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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.

United statesAmerican expressGlobal financial markets associationDiners club internationalUs india business councilFinancial markets associationReserve bankBoard approved system audit reportSecurities industryIndia business councilDiners clubCard companiesLocal data storageஒன்றுபட்டது மாநிலங்களில்அமெரிக்கன் எக்ஸ்பிரஸ்உலகளாவிய நிதி சந்தைகள் சங்கம்