The restrictions on Mastercard were abolished in June, while the ban on Diners Club was lifted in November 2021.
Digital Desk: The Reserve Bank of India on Wednesday lifted the restriction on American Express acquiring new customers. Due to non-compliance with storage requirements for payment system data, the restriction was imposed with effect starting in May 2021.
"The restrictions imposed, pursuant to order dated April 23, 2021, on the onboarding of new domestic customers have been lifted with immediate effect. In view of the satisfactory compliance demonstrated by American Express Banking Corp. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data," the Reserve Bank of India (RBI) stated.
Earlier, similar bans were enforced on Diners' Club International and Mastercard. The restrictions on Mastercard were abolished in June, while the ban on Diners Club was lifted in November 2021.
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