The Reserve Bank of India on Wednesday lifted restrictions on American Express that had prevented the U.S. company from onboarding new customers in India. The regulator said American Express had achieved “satisfactory compliance.”
“In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on onboarding of new domestic customers have been lifted with immediate effect,” RBI said in a statement.
Last year on April 23, 2021, the regulator had imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 01, 2021 for non-compliance with the RBI circular on Storage of Payment System Data.