Reserve Bank of India lifts the business restrictions imposed on American Express Banking Corp
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The Reserve Bank of India has withdrawn the restriction that had barred American Express Banking Corp.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.
RBI lifted the restrictions previously imposed by its order dated April 23, 2021 on American Express Banking Corp. The earlier order had barred the entity from onboarding new domestic customers onto its card network from May 1, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data. The present release states that, in view of satisfactory compliance, the restriction is lifted with immediate effect.
Severity Assessment
This is a withdrawal of a prior operational restriction, so it has no forward-looking adverse impact and is severity 0.
American Express Banking Corp. may resume onboarding new domestic customers onto its card network immediately. There is no continuing adverse operational restriction under this release, though compliance with RBI’s data-storage requirements remains the underlying expectation.
Published as American Express Banking Corp.
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