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RBI lifts business restrictions imposed on American Express Banking Corp

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The Reserve Bank of India (RBI) has lifted business restrictions imposed on: American Express Banking Corp due to satisfactory compliance demonstrated by the entity to: RBI rules, the central bank said in a press release.



“With the Circular of the Reserve Bank of India dated April 6, 2018 on the storage of payment system data, the restrictions imposed, vide order of April 23, 2021, on the onboarding of new domestic customers are lifted with immediate effect,” the press release reads. said.

By its decision of April 23, 2021, the RBI had imposed restrictions on: American Express to register new domestic customers on the card network from May 1, 2021 for non-compliance with the RBI circular of April 6, 2018 on the storage of payment system data.

American Express is a payment system operator authorized to operate card networks in the country under the Payment and Settlement Systems Act2007.

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