RBI Imposes Restrictions on American Express Banking Corp, Diners Club International
Moneylife Digital Team
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The Reserve Bank of India (RBI) on Friday imposed restrictions on American Express Banking Corporation and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from 1 May 2021 for failing to comply with RBI directions on storage of payment system data in India.
These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers, RBI says in a release.
According to the central bank, as per its April 2018 circular on storage of payment system data, all payment system providers were asked to ensure that within a period of six months the entire data relating to payment systems operated by them is stored in a system only in India. This included full end-to-end transaction details, information collected, carried, and processed as part of the me