RBI Stops American Express and Diners Club Stopped from Adding New Customers, Finds Flaws in Storage Data
American Express and Diners Club 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
| 24 April 2021 7:00 AM GMT
Mumbai: The Reserve Bank of India (RBI) has restricted American Express (AmEx) and Diners Club International Ltd. from adding new domestic customers from May 1, 2021, for not following the rules on Storage of Payment System Data.
The two companies 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.
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The Reserve Bank of India (RBI) on Thursday set up a new Regulations Review Authority (RRA 2.0) for a period of one year. The RRA will undertake a review of the central bank s regulations and compliance procedures for streamlining them and making them more effective. The RRA will be set up from May 1, 2021, for a period of one year, unless the timeline is extended by the RBI. M Rajeshwar Rao, Deputy Governor, RBI will be head of the Regulations Review Authority, the banking regulator said. It is to be noted that RBI had established an RRA back in April 1, 1999, for a period of one year to review the regulations, circulars, reporting systems, based on the feedback from the public, banks, and financial institutions.
RBI sets up RRA 2.0 to streamline regulations and reduce compliance
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RBI sets up RRA 2.0 to streamline regulations and reduce compliance
PTI / Apr 15, 2021, 18:53 IST
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MUMBAI: The Reserve Bank on Thursday set up the second Regulatory Review Authority (RRA 2.0) with a view to streamlining regulations and reducing compliance burden of regulated entities.
The RBI had set up a Regulations Review Authority (RRA) initially for a period of one year from April 1, 1999, for reviewing regulations, circulars, reporting systems, based on the feedback from public, banks and financial institutions.
The recommendations of the RRA enabled streamlining and increasing the effectiveness of several procedures, simplifying regulatory prescriptions, paved the way for issuance of master circular and reduced reporting burden on regulated entities.
RBI sets up new Regulations Review Authority
By IANS |
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Reserve Bank of India (RBI). (File Photo: IANS). Image Source: IANS News
Mumbai, April 15 : The Reserve Bank of India (RBI) has set up a new Regulations Review Authority (RRA 2.0) for a period of one year to review regulatory prescriptions internally as well as by seeking suggestions from RBI-regulated entities and other stakeholders on their simplification and ease of implementation.
Deputy Governor M. Rajeshwar Rao has been appointed as the head of the RRA, set up for a period of one year from May 1, 2021, unless its tenure is extended by the RBI.