Business Standard

RBI bars American Express, Diners Club from onboarding new customers

The central bank said the card companies did not adhere to guidelines on local data storage

American Express
Premium

RBI, in April 2018, had told all payment system providers to store their entire data in a system only in India | Photo: Shutterstock

Anup RoyNeha Alawadhi Mumbai/New Delhi
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 requirements and have

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 23 2021 | 7:24 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com