RBI lifts restrictions on American Express on on-boarding new domestic customers
Mumbai, Aug 24: The Reserve Bank on Wednesday lifted the restrictions on American Express Banking Corp and allowed onboarding of new domestic customers on its card network.
The central bank had imposed curbs on American Express Banking Corp for being non-compliant with the directions on Storage of Payment System Data effective May 1, 2021.
"In view of the satisfactory compliance demonstrated by American Express Banking Corp with the Reserve Bank of India (RBI) circular... on Storage of Payment System Data, the restrictions imposed... on onboarding of new domestic customers have been lifted with immediate effect," the central bank said in a statement.
In April 2018, all payment system providers were directed to ensure that their 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 specified timelines.
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PM Modi holds talks with French President Macron in Mumbai
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday held wide-ranging talks with French President Emmanuel Macron to boost ties in key sectors such as trade, defence, energy and critical technologies.
Macron landed in Mumbai early this morning on a three-day visit to attend the AI Impact Summit in New Delhi and meet PM Modi.
After the talks with Modi, Macron will attend a ceremony to launch the India-France Year of Innovation.
His visit comes days after India cleared a long-pending proposal to procure 114 Rafale fighter jets under a government-to-government framework with France.
It has been billed as one of the world's biggest military procurement programmes in recent years.
It is learnt that shoring up defence cooperation and enhancing bilateral engagement in the critical technology sector are priority areas to take forward the ties.
"Welcome to India! India looks forward to your visit and to advancing our bilateral ties to new heights. I am confident that our discussions will further strengthen cooperation across sectors and contribute to global progress," Modi said on social media earlier in the day in response to a post by Macron.
