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American Express to resume India business from August 7


American Express to resume India business from August 7
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Synopsis
The company has asked its partner banks and payment operators in India to recommence onboarding of new merchants on its network from August 7.
American Express is set to partially resume its business in India next month by acquiring merchants, even as it works to fix the issues of compliance related to data localisation of its card users that led to a regulatory ban on new card issuance, said three people familiar with the matter.
The company has asked its partner banks and payment operators in India to recommence onboarding of new merchants on its network from August 7. ....

United States , American Express , National Payments Corp , Diners Club On , Indusind Bank , Reserve Bank , New York Based , Illinois Based Diners Club , Settlement Systems , ஒன்றுபட்டது மாநிலங்களில் , சிட்டி வங்கி , அமெரிக்கன் எக்ஸ்பிரஸ் , தேசிய கொடுப்பனவுகள் கார்ப் , இந்துசின்த் வங்கி , இருப்பு வங்கி , புதியது யார்க் அடிப்படையிலானது , தீர்வு அமைப்புகள் ,

mastercard ban: 'Mastercard's dual record maintenance led to RBI ban'


Synopsis
Mastercard is said to have failed to erase the Indian leg of the transaction data from overseas servers within 24 hours as mandated by the Reserve Bank of India (RBI).
ETtech
The Reserve Bank of India (RBI) has barred Mastercard from issuing new cards as the company failed to comply with the central bank’s data localisation policy.
Mumbai: The Reserve Bank of IndiabarredMastercard Inc. from issuing new cards in India after it found the US-based payments major was storing customers’ data on servers located outside the country and also failing to erase from overseas servers the Indian leg of the transactions data within 24 hours as mandated, three sources aware of the matter told ET. ....

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RBL, YES exploring alternatives for credit, debit cards


RBL, YES exploring alternatives for credit, debit cards
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While RBL Bank signed up with Visa as recently as last week, a Yes Bank spokesperson said the bank is evaluating migrating to other platforms. Both banks said they expect no disruption to their existing customers due to the RBI action.
Agencies
In a note Nomura Securities said besides Yes and RBL, HDFC Bank with 60% of its card schemes tied to Mastercard, Amex and Diners is the most impacted, while for Axis and ICICI the proportion could be about 35-36%.
The Reserve Bank of India (RBI) ban on payments giant Mastercard to onboard new customers has forced banks to mitigate their risk by tying up with Visa and home-grown Rupay. ....

United States , Suresh Ganapathy , Vishwavir Ahuja , Macquarie Ganapathy , American Express , National Payments Corp , Reserve Bank , Yes Bank , Digital India , Nomura Securities , ஒன்றுபட்டது மாநிலங்களில் , சுரேஷ் கணபதி , மக்வரீ கணபதி , அமெரிக்கன் எக்ஸ்பிரஸ் , தேசிய கொடுப்பனவுகள் கார்ப் , இருப்பு வங்கி , ஆம் வங்கி , டிஜிட்டல் இந்தியா , நொமுர பத்திரங்கள் ,