RBI Lifts Restrictions on American Express for On Boarding New Customers

Storage of Payment System Data

In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect.

Background

RBI had, by order dated April 23, 2021, imposed restrictions on American Express Banking Corp. from on-boarding new domestic customers onto its card network from May 01, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.