RBI bars American Express, Diners Club from onboarding new customers
The central bank said the card companies did not adhere to guidelines on local data storage
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The Reserve Bank of India (RBI) on Friday restricted card companies American Express and Diners Club International from onboarding new domestic customers starting May 1 as they did not adhere to guidelines on local data storage.
“These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers,” the RBI said in an official statement.