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RBI bars Mastercard from adding new users
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India Bans Mastercard From Adding New Customers Due to Data Storage Rules
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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.
Data Localisation: RBI Bars AmEx, Diners Club From Taking New Customers
Apr 23 2021, 9:54 PM
April 23 2021, 8:00 PM
April 23 2021, 9:54 PM
In a first such action, the Reserve Bank of India barred American Express Banking Corp. and Diners Club International from on-boarding new credit card customers in India from May 1 citing non-compliance with norms that require storing transaction data locally.âThese entities have been found non-compliant with the directions on Storage of Payment System Data, the regulator said in a statement published on its website on Friday. This.
In a first such action, the Reserve Bank of India barred American Express Banking Corp. and Diners Club International from on-boarding new credit card customers in India from May 1 citing non-compliance with norms that require storing transaction data locally.
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.
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