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6 hours ago The Reserve Bank of India (RBI) imposed business sanctions on American Express and Diners Club, two major global card networks, for violations with the regualtors’ data localisation norms. This is the first time the central bank has imposed business sanctions against card network companies and payment operators in India due to non-compliance with the data storage norms. On Thursday, the RBI barred Amex and Diners from on-boarding new Indian customers from May 1, 2021 onward. “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 imposes restrictions on American Express and Diners Club April 23, 2021 × 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. ....
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). ....
RBI increases maximum balance limit to Rs 2 lakh for payments banks The earlier limit was Rs 1 lakh. This decision has been taken to enhance financial inclusion. The apex bank s announcement comes over a long-standing demand of the payments bank sector BusinessToday.In | April 7, 2021 | Updated 12:15 IST RBI revises payments banks maximum balance limit Reserve Bank of India has increased the maximum balance limit at the end of the day for payments banks to Rs 2 lakh. The earlier limit was Rs 1 lakh. This decision has been taken to enhance financial inclusion. The apex bank s announcement comes over a long-standing demand of the payments bank sector. ....