Reserve Bank of India on Wednesday lifted business restrictions imposed on American Express Banking Corp.
“In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” said RBI in a statement on Wednesday.
RBI had on April 23, 2021, imposed restrictions on American Express Banking Corp. 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.
In June, RBI had lifted the ban imposed on Mastercard and allowed the card network to onboard new customers for debit, credit, or prepaid cards, as it is satisfied with the company’s compliance with the storage of payment data norms.