Case Brief
The Reserve Bank of India has withdrawn the restriction that had barred American Express Banking Corp. from onboarding new domestic customers onto its card network. The earlier restriction, imposed on April 23, 2021, had taken effect from May 1, 2021 due to non-compliance with RBI’s April 6, 2018 circular on storage of payment system data. RBI says the company has now demonstrated satisfactory compliance, so the restriction is lifted with immediate effect.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Payment entity
- Action Type
- Action lifted
- Order Date