The Reserve Bank of India has lifted the business restrictions on American Express Banking Corp and allows to restart onboarding of new domestic customers on its card network.
Background:
RBI had put the curbs on American Express in May 2021.
Reason: For not complying with a circular issued on storage of payments data in 2018.
American Express is payment system operators authorised to operate card networks in India under the Payment and Settlement Systems Act, 2007.
