Amex, Diners Club barred from adding new customers
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FILE - Data to be stored exclusively in India include complete end-to-end transaction details; information collected, carried and processed as part of the message or payment instruction
(AP)
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Mumbai: The Reserve Bank of India (RBI) on Friday asked global card payment networks American Express Banking Corp. and Diners Club International Ltd not to on-board new customers due to non-compliance of localized payment data storage norms. “This order will not impact existing customers, the regulator said.
American Express and Diners Club are payment system operators authorized to operate card networks in India under the Payment and Settlement Systems Act, 2007 (PSS Act). The ban on adding new customers will be effective 1 May, RBI said on Friday.