RBI lifts ban on Diners Club International Limited

RBI lifts ban on Diners Club International Limited

NS Reserve Bank of India (RBI) restrictions imposed on 23 April 2021 with immediate effect on the credit card issuer Diners Club International Limited To add new customers. RBI prohibits Diners Club International Limited from adding new domestic customers on its card network May 1, 2021, Reasons for non-compliance with RBI on storage of payment system data. The central bank had banned the US-based company from adding new domestic customers to its card network for violating data storage norms.

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Earlier, RBI had banned- American Express, The 7th largest credit card issuer in India (as on 23 April 2021), and MasterCard, the 2nd largest credit card issuer in India (as of July 2021) are enrolling new customers. RBI has not lifted its ban yet.

Important facts for all competitive exams:

  • Establishment of RBI: 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.

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