RBI has imposed sanctions on American Express for non-compliance with payment system data storage norms. RBI, which has removed the rules at present, has said that the company is bound by the rules in the matter of data storage. The RBI said it has lifted the restrictions immediately after finding compliance with the payment system data storage circular issued on April 6, 2018.
When was the ban imposed..?
On April 23 last year, RBI imposed restrictions on American Express. Sanctions on this company started from May 1, 2021. RBI has taken these steps under Section 17 of the PSS Act. Similarly, in the month of June this year, the central bank also lifted restrictions on Global Card Network Master Card. It also banned new customers from Master Card. After that Master Card acted satisfactorily in complying with the rules.. RBI removed the restrictions.
American Express is a payment network company. It offers charge card, credit card, travel cheque, corporate banking facility to the customers. It operates the card network under the Payment System Company. The headquarters of this company is located in New York City, USA.
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