RBI imposes restrictions on American Express, Diners Club
By IANS |
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Reserve Bank Of India. Image Source: IANS News
Mumbai, April 23 : 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, 2021.
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers.
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).
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
RBI restricts American Express, Diners Club from boarding new customers
The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the PSS Act
Saturday April 24, 2021 0:30 AM, IANS
Mumbai: 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, 2021.
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers.
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 Reserve Bank of India has barred American Express Banking Corp (American Express) and Diners Club International Ltd (Diners Club) from taking on new credit card customers after they failed to comply with the banking regulator s directive to store payments data only in the country.
“The RBI has, by order dated April 23, imposed restrictions on American Express and Diners Club from on-boarding 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 central bank said in a statement today.
RBI imposes restrictions on American Express, Diners Club (Ld)
By IANS |
2 Views
Reserve Bank Of India. Image Source: IANS News
Mumbai, April 23 : 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, 2021.
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers.
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).