RBI lifted restrictions on American Express Banking Corp

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.