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  4. India cenbank lifts curbs on AmEx after compliance on data storage rules
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India cenbank lifts curbs on AmEx after compliance on data storage rules

BENGALURU (Reuters) - The Reserve Bank of India on Wednesday lifted curbs imposed on American Express (NYSE:AXP) last year that had prevented it from taking on new customers in...
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India cenbank lifts curbs on AmEx after compliance on data storage rules © Reuters. FILE PHOTO: A labourer adjusts his cap as he walks past the American Express branch in Gurugram on the outskirts of New Delhi, India, September 8, 2017. REUTERS/Adnan Abidi/File Photo

BENGALURU (Reuters) - The Reserve Bank of India on Wednesday lifted curbs imposed on American Express (NYSE:AXP) last year that had prevented it from taking on new customers in India, saying the U.S. credit card giant had shown "satisfactory compliance" on data storage rules.

"In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India circular on Storage of Payment System Data, the restrictions imposed on onboarding of new domestic customers have been lifted with immediate effect," the RBI said in a statement.

The RBI imposed the curbs on AmEx in April 2021 saying the company had not met data storage rules requiring foreign card networks to store domestic payments data only in India so the regulator can have "unfettered supervisory access".

The move comes months after the RBI lifted restrictions on Mastercard Inc (NYSE:MA) over issuing debit and credit cards to new domestic customers due to similar compliance issues on data storage.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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