The Reserve Bank of India (RBI) lifted business restrictions imposed on American Express after more than a year on Wednesday (August 24), allowing the US-based company to acquire new domestic customers for its card services.
“In light of American Express Banking Corp.’s satisfactory compliance with the Reserve Bank of India (RBI) circular…on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement. The RBI barred American Express from onboarding new credit card customers in India beginning in May of last year due to noncompliance with payment system data storage guidelines.