RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021

RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021

RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021Mumbai, April 23: Reserve Bank of India (RBI), American Express Banking Corporation and Diners Club International Ltd. Has been banned from issuing cards to new domestic customers from May 1.

This restriction has been imposed for violation of maintenance of data and other information.

The central bank said in a statement on Friday that the order would not affect the existing customers of these two units.

This restriction has been imposed for violation of data and other information maintenance rules. The central bank has also said in a statement on Friday that its order will not affect the existing customers of these two units.

American Express Banking Corporation and Diners Club International Limited are payment system operators. Both are authorized to operate the card network in the country under the Payment and Settlement Systems Act 2007 (PSS Act).

RBI has imposed this restriction on American Express Banking Corporation and Diners Club International under an order issued on 23 April 2021. The central bank said that these units were not complying with the instructions regarding data and information storage related to the payment system.

RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021

It is noteworthy that in April 2018, all the service providers connected with the payment system were asked to ensure that the data and information related to the payment system operated by them is to be kept within the prescribed system in India within six months.

He was also required to inform the RBI about compliance. Also, the system audit report made by the auditors on the panel of CERT-In (Indian Computer Emergency Response Team) was to be submitted with the approval of the Board of Directors.

The central bank said, “These units were not following the instructions regarding data and information storage related to the payment system.” It is noteworthy that in April 2018, all the service providers associated with the payment system were asked to ensure that That the data and information related to the payment system operated by them is to be kept within six months in the prescribed system in India.

  • RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021
  • RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021
  • RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021
  • RBI decision Ban on two US banks, new customers will not be able to add from May 1, 2021

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