rbi
The Reserve Bank of India (RBI) has decided to lift the business restrictions previously imposed on American Express Banking Corp. This decision follows the bank's satisfactory compliance with the RBI circular dated April 6, 2018, regarding the Storage of Payment System Data. As a result, the restrictions placed on acquiring new domestic customers, via the order dated April 23, 2021, are now rescinded with immediate effect.
On April 23, 2021, the RBI mandated restrictions on American Express Banking Corp., preventing the company from onboarding new domestic customers onto its card network effective May 1, 2021. This action was taken due to the bank's non-compliance with the RBI's earlier directive concerning the storage of payment system data.