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The Reserve Bank of India (RBI) has lifted the restrictions previously imposed on American Express Banking Corp. regarding the on-boarding of new domestic customers. The restrictions, initially imposed by an RBI order dated April 23, 2021, have been removed with immediate effect following satisfactory compliance by American Express with the RBI circular dated April 6, 2018, on the Storage of Payment System Data.
The earlier restrictions had prevented American Express from on-boarding new domestic customers onto its card network from May 1, 2021, due to non-compliance with the data storage requirements. The lifting of these restrictions reflects the entity’s adherence to the regulatory guidelines and its efforts to align with the RBI’s standards for secure payment system data management.
[RBI]