The Reserve Bank of India (RBI) on Friday asked card companies American Express and Diners Club International not to get new domestic customers onboard from May 1 as they did not adhere to the guidelines on local data storage. “These entities have been found non-compliant with the directions on storage of payment system data.
This order will not impact existing customers,” the RBI said in a notification on its website. Reacting to the development, American Express in a statement said: "We have been in regular dialogue with the Reserve Bank of India about data localisation ...
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