RBI lifts restrictions on American Express;

now allows onboarding new domestic customers on its card network

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The RBI had imposed curbs on American Express Banking Corporation for being non-compliant with the

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directions on Storage of Payment System Data effective May 1, 2021.

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The Reserve Bank on Wednesday lifted all the restrictions on American Express Banking Corporation and

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allowed onboarding of new domestic customers on its card network.

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All payment system providers in April 2018 were directed to ensure that their entire data relating to

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payment systems operated by them is stored in a system only in India.

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They were also required to report compliance to RBI and submit a board-approved System Audit Report (SAR)

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conducted by a CERT-In empanelled auditor within the specified timelines.

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