India: Issued RBI interim ruling in investigation into American Express Banking Corp over compliance with data localisation requirements

On 23 April 2021, the Reserve Bank of India (RBI) adopted restrictions on the card network American Express Banking Corp, forbidding it from onboarding new domestic customers from 1 May 2021. The American Express Banking Corp has been found non-compliant with the directive on the storage of payment system data. The directive requires all payment system providers to store the payment data only in India. The data subject to the localisation requirement includes full end-to-end transaction details, such as information collected, carried and processed as part of the payment instruction.