American Express Banking Corp

RBI has lifted the onboarding restriction imposed on American Express Banking Corp. The move follows the company’s satisfactory compliance with RBI’s data-storage circular.

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.

• RBI circular dated April 6, 2018 on Storage of Payment System Data

RBI barred American Express Banking Corp. and Diners Club International Ltd. from onboarding new domestic customers onto their card networks. The restriction was imposed for non-compliance with data-storage directions.

From May 1, 2021, the two card-network operators could not add new domestic customers to their networks, though existing customers were not affected. The restriction applies until RBI lifts it or otherwise modifies the supervisory action.

• Section 17 of the PSS Act
• Payment and Settlement Systems Act, 2007
• RBI circular on Storage of Payment System Data dated April 6, 2018

This RBI action affected 2 entities. This profile is linked as bulk member.