The Reserve Bank of India (RBI) on Wednesday lifted the restrictions on American Express Banking Corp and allowed onboarding of latest home clients on its card community.
The central financial institution had imposed curbs on American Express Banking Corp for being non-compliant with the instructions on Storage of Payment System Data efficient May 1, 2021.
“In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI) circular… on Storage of Payment System Data, the restrictions imposed… on onboarding of new domestic customers have been lifted with immediate effect,” the central financial institution stated in a press release.
In April 2018, all cost system suppliers had been directed to make sure that their complete knowledge (full end-to-end transaction particulars/ data collected/ carried/ processed as a part of the message/ cost instruction) referring to cost methods operated by them is saved in a system solely in India.
They had been additionally required to report compliance to RBI and submit a board-approved System Audit Report (SAR) performed by a CERT-In empanelled auditor inside the specified timelines.
