RBI impose restrictions on American Express Banking Corporation and Diners club International

On Friday, RBI imposed restrictions on American Express Banking  Corporation and Diners club international from on boarding new customers on their card networks from May 1.Both these entities were payment systems operators which consists of operate cards  network under payments and settlement of system Act, 2007 .

                         These actions will not cause any negative impact on existing  customers, said Central Bank.

RBI imposed restrictions on these entities by an order dated on April 23, 2021.All the payment system providers were directed to submit all end to end transactions details, carried, processed as a part  of message which were stored in systems in India.

They were  also required to report compliance to Reserve Bank of India and submit a board Approved System Audit Report within the timelines specified.

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