American Express has now been shown to comply with the RBI rules.
New Delhi:
The Reserve Bank on Wednesday lifted restrictions on American Express Banking Corp and allowed the introduction of new domestic customers on its card network.
The central bank has imposed restrictive measures on American Express Banking Corp for failing to comply with their new ruling on “Payment System Data Storage” effective May 1, 2021.
“Given the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI) circular … on Payment System Data Storage, the restrictions imposed … for the introduction of new domestic customers was lifted with immediate effect,” the central bank said in a statement.
In April 2018, all payment system providers were directed to ensure that all of their data (full end-to-end transaction details, information collected, transferred, processed, etc.) as part of the message, payment instructions) related to the payment system operated by them hosted in a system only in India.
They are also required to report compliance to the RBI and submit a Board-approved System Assessment Report (SAR) conducted by an authorized CERT-In auditor within a specified period of time. determined.
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