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Reserve Bank of India Date :Apr 23, 2021 RBI takes supervisory action on Card Networks American Express Banking Corp. and Diners Club International Ltd The Reserve Bank of India (RBI) has, by 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-compliant with the directions on Storage of Payment System Dat
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FAQ :
The RBI has imposed restrictions on American Express Banking Corp. and Diners Club International Ltd. from onboarding new domestic customers onto their card networks.
The restrictions are effective from May 1, 2021.
The restrictions have been imposed because these entities were found to be non-compliant with the RBI's directions on the Storage of Payment System Data.
No, the order will not impact existing customers of American Express Banking Corp. and Diners Club International Ltd.
The RBI directed all Payment System Providers to store all data relating to payment systems operated by them in India within six months of April 6, 2018.
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Source : https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51471