INSUBCONTINENT EXCLUSIVE:
RBI has lifted constraints on Diners Club imposed previously this year from onboarding new customersReserve Bank of India (RBI) on Tuesday
lifted restrictions on Diners Club International, which it had enforced on it in April this year for breaching information storage rules.In
a statement, the central bank said that in view of the acceptable compliance demonstrated by Diners Club International, the constraints
troubled it on on-boarding of fresh domestic clients have actually been raised with instant impact, the RBI stated in a statement.RBI had
restricted Diners Club from onboarding fresh clients from May 1, 2021 onwards in an order dated April 23, and had stated that the ban will
remain till the company agreed to comply with its norms on local information storage
Along with Diners Club, RBI had actually likewise disallowed American Express from onboarding fresh consumers, through the exact same
order.Later it likewise had restricted Mastercard from on-boarding new clients from July 22, 2021 onwards for non-compliance with its local
information storage norms.The ban on American Express and Mastercard however continues.
