The RBI has barred American Express and Diners Club from adding new customers from May 1 as they failed to comply with its directions on customers' data storage. The order will not affect existing customers.
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The Reserve Bank of India has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from onboarding new domestic customers onto their card networks from May 1. “These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers,” the Reserve Bank said on Friday.
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).
The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the PSS Act.
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