RBI imposes restrictions on American Express and Diners Club
April 23, 2021
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The Reserve Bank of India (RBI) has 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.
In an order issued on Friday, the RBI said the aforementioned entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers, it added.
The RBI’s circular on Storage of Payment System Data (April 6, 2018) had directed all Payment System Providers to ensure that the entire data relating to payment systems operated by them is stored in a system in India within six months.
RBI restricted American Express and Diners Club from adding new customers from May 1
The Reserve Bank of India (RBI) has restricted American Express and Diners Club International Ltd. from adding new domestic customers from May 1 for not complying with data storage rules. The central bank says its order won t impact existing customers. The two companies have been found guilty of not complying with the rules on Storage of Payment System Data , according to a statement issued by the central bank.
It cracked the whip on the two companies in the form of supervisory action after the two entities were found not following the RBI s directions on ensuring that data of transactions, payments, instructions and customer information collected by them is stored in a system within India.
The two payment system providers have been penalised for violating data storage norms The Reserve Bank of India has restricted American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1 for violating data storage norms. The order will not impact the existing customers of these two entities, the central bank said in a statement on Friday. 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). The RBI has imposed the restrictions on American Express Banking Corp and Diners Club International by an order dated April 23, 2021.
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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).
RBI revokes CoA of RiddiSiddhi Bullions, AGS Transact
March 10, 2021
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The Reserve Bank of India (RBI) has revoked the Certificate of Authorisation (CoA) of Payment System Operators (PSOs) RiddiSiddhi Bullions Ltd and AGS Transact Technologies Ltd for setting up, owning and operating White Label ATMs (WLAs).
The central bank, in a statement, said it has revoked the CoA of the aforementioned PSOs in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007.
The RBI cited non-compliance with regulatory requirements as the reason for revocation of the CoA. ATMs set up, owned and operated by non-banks are called WLAs.