RBI allows AmEx to enrol new customers

New Delhi, August 24

The RBI on Wednesday lifted the restrictions on American Express Banking Corp and allowed it to enrol new customers. The RBI had barred American Express for being non-compliant with the directions on storage of payment system data effective May 1 last year. “In view of the satisfactory compliance demonstrated by American Express Banking Corp, the restriction has been lifted,” said an RBI statement.

The RBI had in April 2018 asked all payment system providers to ensure that their entire data relating to payment systems is stored in a system only in India. They were also required to report compliance to the RBI and submit a board-approved system audit report (SAR) conducted by a CERT-In empanelled auditor within the specified timelines.