American Express India now can issue New Cards to Indian Holder
American Express Banking Corp was placed under severe sanctions by the RBI for failing to follow its May 2013 ruled regarding "Storage of Payment System Data".
Wednesday's Reserve Bank decision lifted restrictions on American Express Banking Corp. It also allowed new domestic customers to be added to its card network.
American Express Banking Corp was placed under severe sanctions by the central bank for failing to follow its new rule on "Storage Payment System Data", which became effective May 1, 2021.
"In light of American Express Banking Corp's satisfactory compliance with the RBI circular on Payment System Data Storage, the restrictions on the onboarding of domestic customers have been lifted.
All payment system providers were instructed in April 2018 to ensure that all data (full transaction details, information collected as part of the message and payment instructions).
They were also required by RBI to report compliance and to submit a board-approved System Audit Report. (SAR) This was conducted by CERT-In-empanelled auditors within a specific time.
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