RBI Lifts Restrictions Imposed On American Express: The Reserve Bank of India (RBI) has lifted business restrictions on American Express Banking Corp due to its conformity in accordance with RBI guidelines, as per an official press release issued by the RBI.
RBI In its release of July 24, 2022, stated ” Based on the good conformity demonstrated by American Express Banking Corp. in accordance with their compliance to the Reserve Bank of India (RBI) circular of on April 6th, 2018, on Storage of Payment System Data The restrictions imposed in accordance with an order dated 23 April 2021 for the onboarding of new customers from the United States have been lifted immediately within effect.”
In April 2021 In April 2021, the RBI prohibited American Express from onboarding new residents of the United States on its card network from May 1, 2021, in violation of the circular issued by the regulator for banks on Payment System Data Storage.
American Express is a payment system operator that is licensed to operate card networks throughout the United States under the Payment and Settlement Systems Act of 2007.
