RBI bars American Express, Diners Club from onboarding new customers

The central bank said the card companies did not adhere to guidelines on local data storage

The Reserve Bank of India (RBI) on Friday asked card companies American Express and Diners Club International not to get new domestic customers onboard from May 1 as they did not adhere to the guidelines on local data storage.  
 
“These entities have been found non-compliant with the directions on storage of payment system data. This order will not impact existing customers,” the RBI said in a notification on its website.  
 
Reacting to the development, American Express in a statement said: "We have been in regular dialogue with the Reserve Bank of India about data localisation requirements and have