Mumbai, April 23 (SocialNews.XYZ) The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1, 2021.
These entities have been found non-compliant with the directions on storage of payment system data, said an RBI statement. It added that the order will not impact existing customers.
American Express Banking Corp and Diners Club International Ltd are payment system operators authorised to operate card networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
The supervisory action has been taken in exercise of powers vested in RBI under Section 17 of the PSS Act.
In terms of RBI circular on storage of payment system data dated April 6, 2018, all payment system providers were directed to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.
They were also required to report compliance to the RBI and submit a Board-approved System Audit Report (SAR) conducted by a CERT-In empaneled auditor within the timelines specified therein.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz