RBI lifts restriction on 16 month old ban on American Express

[RBI lifts restriction on 16 month old ban on American Express]( [The Reserve Bank of India RBI on Wednesday lifted restrictions on a 16 month old ban on American Express Banking Corp and allowed them to issue cards to their domestic customers after the company compiled with the central bank data localization and storage policy. The curbs on American Express were imposed by the Central Bank for not following the direction on Storage of Payment System Data effective May 1 2021. The policy imposed by the central bank made it compulsory for all payment system providers to ensure that their entire data consisting of full end to end transaction details information collected carried processed as part of the message payment instruction etc. relating to payment systems operated by them is stored in a system only in India.]( Â [Read More]( To Unlist [Click Here](