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).
Amex, Diners Club barred from adding new customers
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FILE - Data to be stored exclusively in India include complete end-to-end transaction details; information collected, carried and processed as part of the message or payment instruction
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Mumbai: The Reserve Bank of India (RBI) on Friday asked global card payment networks American Express Banking Corp. and Diners Club International Ltd not to on-board new customers due to non-compliance of localized payment data storage norms. “This order will not impact existing customers, the regulator said.
American Express and Diners Club are payment system operators authorized to operate card networks in India under the Payment and Settlement Systems Act, 2007 (PSS Act). The ban on adding new customers will be effective 1 May, RBI said on Friday.
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