The Reserve Bank of India (RBI) has lifted restrictions on American Express Banking Corp. and has allowed the entity to onboard new customers on its card network.
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“In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the RBI circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect,” the RBI said in a press release on Wednesday.
The RBI had imposed restrictions on American Express Banking Corp. on onboarding new domestic customers onto its card network from May 01, 2021 for non-compliance with data storage rules.
Sanjay Khanna - Interim CEO & COO, American Express Banking Corp., India said “Today’s decision is the result of our significant local investments in technology, infrastructure, and resources.”