The Reserve Bank of India (RBI) has imposed restrictions on American Express from onboarding new domestic customers onto their card networks from May.
The central bank said that the company had been found non-compliant with the directions of storage of payment system data. It added that the order would not impact existing customers.
According to RBI rules on storage of payment data which were enforced from April 2018, all payment system providers were directed to ensure that within a period of six months the entire data – including 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.
These companies are also required to report compliance to RBI and submit a Board-approved System Audit Report (SAR) conducted by a CERT-In empanelled auditor within specified timelines.
FStech has reached out to American Express for comment.
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