RBI removes restrictions on Diners Club International
In a statement, the central bank said that it is lifting the restrictions with immediate effect
The Reserve Bank of India (RBI) lifted restrictions on Diners Club International and was permitted to onboard new domestic customers on Tuesday. In a statement, the central bank said that it is lifting the restrictions with immediate effect.
Back on April 23, 2o21, RBI had imposed restrictions on Diner Club International Ltd from on boarding new domestic customers onto its card network from May 1, 2021, for non-compliance with the norms on Storage of Payment System Data.
The central bank said that, in view of the satisfactory compliance demonstrated by Diners Club International Ltd, 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 had directed all system providers to ensure that within six months the entire data relating to payment systems operated by them is stored in a system only in India, back in April 2018..
They were also asked to comply to the RBI and submit a Board-approved System Audit report conducted by a CERT-In empannelled auditor within the specified timelines.
Download Money9 App for the latest updates on Personal Finance.
