The Reserve Bank of India (RBI) has lifted the ban on American Express Banking Corporation and allowed the entity to add new customers to its card network.
“In view of the satisfactory compliance demonstrated by American Express Banking Corp with the RBI circular dated April 6, 2018 on the storage of payment system data, the restrictions imposed under the Order dated April 23, 2021 on onboarding of new domestic customers are removed. Withdrawn with immediate effect,” RBI said in a press release on Wednesday.
RBI had banned American Express Banking Corp from adding new domestic customers to its card network with effect from May 01, 2021 for non-compliance with data storage norms.
“Today’s decision is the result of our significant local investments in technology, infrastructure and resources,” said Sanjay Khanna – Interim CEO and COO, American Express Banking Corp., India.