RBI bars American Express, Diners Club from onboarding new domestic credit card customers – News 24-7 Live News 24-7 Live
RBI bars American Express, Diners Club from onboarding new domestic credit card customers

RBI bars American Express, Diners Club from onboarding new domestic credit card customers

The Reserve Bank of India (RBI) has barred American Express and Diners Club from onboarding new domestic credit card customers from May 1 for violating the central bank’s norms on storage of payment systems data.

Through a circular in April 2018, RBI had asked payment system providers to ensure that within a period of six months the entire data (full end-to-end transaction details/information collected/carried/processed as part of the message/ payment instruction) relating to payment systems operated by them is stored in a system only in India.

Besides, they were also required to report compliance to RBI and submit a board-approved System Audit Report (SAR) conducted by a CERT-In empanelled auditor within the timelines specified.

News Source: businesstoday

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