Page 6 - Payment System Data News Today : Breaking News, Live Updates & Top Stories | Vimarsana

RBI bars Mastercard from onboarding new customers in India SECTIONS Last Updated: Jul 15, 2021, 06:23 AM IST Share Synopsis The central bank’s supervisory action on Mastercard is citing its non-compliance with data localisation mandate wherein all foreign payment operators storing card and customer related data must do so in servers physically present in India. Agencies RBI had issued its data storage circular in April of 2018 and given all system providers a time frame of six months to enforce these norms. The central bank said that Mastercard’s existing customers won’t be impacted bec...

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...

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.“These 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 suc...

RBI imposes restrictions on American Express and Diners Club April 23, 2021 × 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 Pr...

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...