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RBI Lifts Restrictions Imposed On Diners Club International

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The Reserve Bank of India (RBI) eased restrictions on Diners Club International Limited on November 9. The RBI had prohibited the card network from onboarding new domestic clients as of May 1, 2021, due to the restrictions.

 

On April 23, the limits were enforced due to non-compliance with the RBI's Storage of Payment System Data rule.

RBI Lifts Restrictions Imposed On Diners Club International

Diners Club International Ltd. was barred from onboarding new domestic clients into its card network beginning May 1, 2021, according to a BI decision dated April 23, 2021, for non-compliance with the RBI circular dated April 6, 2018 on Payment System Data Storage.

Under the Payment and Settlement Systems Act of 2007, Diners Club International is a payment system operator authorised to operate card networks in the country (PSS Act). Existing Diners Club International customers were unaffected by the RBI order.

"In view of the satisfactory compliance demonstrated by Diners Club International Ltd. with the RBI circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect," the RBI said in a circular.

 

Similarly, the RBI has already prevented American Express and Mastercard from onboarding new customers due to non-compliance with data localization regulations.

Read more about: rbi
Story first published: Tuesday, November 9, 2021, 17:15 [IST]
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