India: Announced lifting of restrictions imposed on American Express Banking Corp for compliance with data localisation requirements

On 24 August 2022, the Reserve Bank of India (RBI) lifted the restrictions on American Express Banking Corp, following the company's compliance with the localisation requirement for payment system data. On 23 April 2021, the RBI issued an order forbidding American Express Banking from onboarding new domestic customers from 1 May 2021 due to its non-compliance 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.