RBI Removes Restrictions
After more than 15 months, the Reserve Bank of India (RBI) on Wednesday relaxed limitations on the international card network American Express, allowing it to accept new clients and noting acceptable compliance.
According to the RBI, American Express Banking Corp. cannot accept any new domestic clients after May. Infractions with a 2018 circular on storing payment system data were identified by the agency.
American Express Banking Corp., India, expressed its appreciation for the RBI’s decision and said that India is a crucial strategic market for the company. According to Khanna, the company’s significant local investments in technology and resources led to the decision to lift the restriction.
Additionally, it was requested that Diners Club and Mastercard cease issuing cards in 2021. The RBI then gave the card networks permission to start issuing fresh cards.
American Express Banking Corp has proved sufficient compliance, and as a result, restrictions placed on the onboarding of new domestic clients by an order dated April 23, 2021, have been immediately withdrawn.
We will be able to address the rising demand for upscale goods and services and expand our business in India thanks to American Express’ ability to provide best-in-class value and client experiences.
Many businesses first objected to RBI’s rule that card networks retain all payment information from India within the nation, but gradually they were forced to comply.
End-to-end transaction information, as well as details on payments or settlement transactions, are among the data that would be held in India.
More at: FXlearnpro.com
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