RBI Bans American Express And Diners Club
RBI bans American Express and Diners Club to issue cards to new customers Business Desk.
American Express Banking Corporation and Diners Club International Ltd. (Diners Club International Ltd) have been banned from issuing cards to new customers from May 1 by RBI.
The central bank has imposed this restriction on violation of rules to preserve data and other information of Indian customers in India.
The RBI issued a statement on Friday, saying that the order would not affect existing customers. Explain that American Express Banking Corporation and Diners Club International Ltd. are payment system operators.
Both of them are licensed to operate the card network under the Payment and Settlement Systems Act, 2007 (PSS Act) in the country.
RBI bans American Express: The central bank on Friday issued this order banning American Express Banking Corporation and Diners Club International.
RBI said, “These units were not following the instructions regarding data and information storage related to the payment system. This order will not affect the existing customers. ‘
It is to be noted that in April 2018, all the service providers connected with the payment system were asked to ensure that the data and other information related to the payment system operated by them is to be kept within six months as per the prescribed system in India.
They also had to inform the central bank about its compliance. After this order, American Express said, “We are saddened by this step of RBI.
We are working with them to address their concerns as soon as possible. This will not affect our existing customers in India and our customers can use our card as before.
In February, 11.58 lakh new members were added to the Employees State Insurance Corporation’s Social Security Scheme.
In February this year, 11.58 lakh new members were added to the Social Security Scheme of the Employees State Insurance Corporation (ESIC).
In January, 11.78 lakh members joined the scheme. This information, given through official data on Friday, broadly indicates the employment situation in the organized sector of the country.
According to the report released by the National Statistics Office (NSO), the ESIC scheme had added 8.87 lakh members in June last year, 4.89 lakh members in May, and 2.63 lakh members in April.
This suggests that the number of members joining the scheme has increased since the lockdown imposed for the prevention of the Corona epidemic has eased.
This means that during these months new people received employment at regular salaries.
