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URL copied Image Source : FILE PHOTO Reserve Bank of India (RBI) restricts American Express Banking Corp and Diners Club from on-boarding new customers from May 1. The Reserve Bank of India (RBI) restricted American Express Banking Corp and Diners Club from on-boarding new customers from May 1, PTI reported. RBI in its 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 Data. This order will not impact existing customers. American Express Banking Corp. and Diners Club International Ltd. are Payment System Operators authorised to operate Card Networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).

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