Mumbai, Aug 24 (IANS): The Reserve Bank of India (RBI) has lifted the business restrictions imposed on American Express Banking Corp due to the satisfactory compliance demonstrated by the entity to RBI rules, the central bank said in a release.
"With the Reserve Bank of India 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," the release said.
The RBI had, by its order dated April 23, 2021, imposed restrictions on American Express from on-boarding 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.
American Express is a payment system operator authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007.