The Reserve Bank of India (RBI) has told American Express Banking Corp. and Diners Club International Ltd. to not bring new domestic clients onto their card networks beginning on May 1, although it noted that its order would not affect current clients, according to a Friday (April 23) press release.
„These entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers,” RBI says in a statement.
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.
Background
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 (full end-to-end transaction details / information collected / carried / processed as part of the message / payment instruction) relating to payment systems operated by them is stored in a system only in India.
They were also required to report compliance to RBI and submit a Board-approved System Audit Report (SAR) conducted by a CERT-In empanelled auditor within the timelines specified therein.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
