Sunday, July 25, 2021

RBI restricts American Express Banking Corp, Diners Club International Ltd from adding new customers

Reserve Bank of India has imposed restrictions on American Express Banking Corp and Diners Club International Limited from adding new customers to their card networks from 1st of next month.

In a press release yesterday, the RBI said, these entities have been found non-compliant with the directions on Storage of Payment System Data. The apex bank clarified that, the order will not impact existing customers. The RBI indicated that both these service providers had failed to comply with directions regarding mandatory storage of customer data within systems in India.

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