RBI relaxes limitations on American Express and permits the onboarding of new domestic clients

On Wednesday, the Reserve Bank relaxed the limitations on American Express Banking Corp. and permitted the onboarding of fresh domestic cardholders. American Express Banking Corp. had been placed under restrictions by the central bank from May 1, 2021, for failing to comply with the rules on the storage of payment system data.

The entire data (full end-to-end transaction details/information collected/carried/processed as part of the message/payment instruction) relating to payment systems operated by them must be stored in a system that is only in India, according to a directive issued to all payment system providers in April 2018. Additionally, they had to meet certain deadlines for submitting a board-approved System Audit Report (SAR) that had been completed by an auditor appointed by CERT-In and reported compliance to RBI.

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