RBI lifts restrictions on American Express;
now allows onboarding new domestic customers on its card network
The RBI had imposed curbs on American Express Banking Corporation for being non-compliant with the
directions on Storage of Payment System Data effective May 1, 2021.
The Reserve Bank on Wednesday lifted all the restrictions on American Express Banking Corporation and
allowed onboarding of new domestic customers on its card network.
All payment system providers in April 2018 were directed to ensure that their entire data relating to
payment systems operated by them is stored in a system only in India.
They were also required to report compliance to RBI and submit a board-approved System Audit Report (SAR)
conducted by a CERT-In empanelled auditor within the specified timelines.