The Reserve Bank of India (RBI) has lifted restrictions imposed on 23rd April 2021 with immediate effect on credit card issuer Diners Club International Ltd to onboard new customers. RBI restricted Diners Club International Ltd. from onboarding new domestic customers onto its card network from May 1, 2021, due to non-compliance with RBI on the storage of Payment System Data. The central bank had banned the US-based company from onboarding new domestic customers onto its card network for violating data storage norms.
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Earlier, RBI has banned – American Express, the 7th largest credit card issuer in India (on 23rd April 2021), and Mastercard, the 2nd largest credit card issuer in India (in July 2021) from enrolling new customers. RBI has not yet lifted its ban.
Important takeaways for all competitive exams:
- RBI Founded: April 1, 1935;
- RBI Headquarters: Mumbai, Maharashtra;
- RBI Governor: Shaktikanta Das;
- RBI Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar.