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6 hours ago The Reserve Bank of India (RBI) imposed business sanctions on American Express and Diners Club, two major global card networks, for violations with the regualtors’ data localisation norms. This is the first time the central bank has imposed business sanctions against card network companies and payment operators in India due to non-compliance with the data storage norms. On Thursday, the RBI barred Amex and Diners from on-boarding new Indian customers from May 1, 2021 onward. “These entities have been found non-compliant with the directions on Storage of Payment System Data. Th...

RBI restricted American Express and Diners Club from adding new customers from May 1 The Reserve Bank of India (RBI) has restricted American Express and Diners Club International Ltd. from adding new domestic customers from May 1 for not complying with data storage rules. The central bank says its order won't impact existing customers. The two companies have been found guilty of not complying with the rules on 'Storage of Payment System Data', according to a statement issued by the central bank.  It cracked the whip on the two companies in the form of supervisory action after the two en...

URL copied Image Source : FILE PHOTO Reserve Bank of India (RBI) restricts American Express Banking Corp and Diners Club from on-boarding new customers from May 1. The Reserve Bank of India (RBI) restricted American Express Banking Corp and Diners Club from on-boarding new customers from May 1, PTI reported. RBI in its order dated April 23, 2021, 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-comp...

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.