RBI Lifts Business Restrictions On American Express

In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI), the restrictions imposed on the onboarding of new domestic customers have been lifted with immediate effect, the central bank said in a statement. 

The Reserve Bank of India on Wednesday said that it has lifted the business restrictions imposed on American Express Banking Corp. In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI), the restrictions imposed on the onboarding of new domestic customers have been lifted with immediate effect, the central bank said in a statement. 

On April 23, 2021, RBI imposed restrictions on American Express Banking Corp from onboarding new domestic customers onto its card network from May 01, 2021 for non-compliance with the RBI’s storage of payment system data.