RBI lifts curbs, permits Diners Club to onboard prospects

The Reserve Bank of India (RBI) on Tuesday lifted restrictions on Diners Club International and allowed it to onboard new home prospects.
The restrictions have been lifted with speedy impact, the central financial institution stated in an announcement. The RBI had, on April 23, 2021, imposed restrictions on Diners Club International Ltd from onboarding new home prospects onto its card community from May 1, 2021 for non-compliance with the norms on Storage of Payment System Data.
“In view of the satisfactory compliance demonstrated by Diners Club International with the RBI circular 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 stated.
Along with Diners, the RBI had barred one other US-based fee system operator American Express. In July 2021, RBI additionally restricted Mastercard for non-compliance with its native knowledge storage norms.However, the RBI has not but lifted ban on American Express and Mastercard.

In April 2018, the RBI had directed all system suppliers to make sure that inside six months all the knowledge (full end-to-end transaction particulars, info collected and processed as a part of the message and fee instruction) relating to fee techniques operated by them is saved in a system solely in India.
They had been additionally required to report compliance to the RBI and submit a Board-approved System Audit Report performed by a CERT-In empanelled auditor inside the timelines specified therein.