RBI lifts the business restrictions imposed on American Express Cards

By We Play Coins
Added on Aug 25, 2022
RBI lifts the business restrictions imposed on American Express Cards

Reserve Bank of India (RBI) has issues with American Express on Storage of Payment System Data and had restrictions imposed via order dated April 23, 2021. It has banned American Express Banking Corp. from on-boarding new domestic customers onto its card network from May 01, 2021.

After more than a year, RBI has now lifted the restrictions on American Express Credit Cards in India. Amex has welcomed the decision by RBI to allow them to onboard new domestic customers in India. In a tweet they said that "We are commited to giving our customers access to premium services, experiences and valuable insights that enrich lives and build business success. We extend our heartfelt gratitude to the regulator, our colleagues, customers, and partners for continued trust in us."

However Amercian Express Credit Card website is presently not accepting new applications yet. We anticipate that it will take them a short while to make necessary software changes and setup the new customer onboarding process. Stay tuned for more updates.