American Express may partially resume its business in India from August 7 after facing a regulatory ban on issuing new cards for non-compliance of data storage rules.
The company has asked its payments and partner banks to onboard new merchants, The Economic Times has reported, citing a copy of the communication sent by American Express.
"We are pleased to share that American Express will re-commence onboarding new merchants effective 7 Aug 2021," as per a communication sent by Amex to its payments and banking partners on July 28.
Moneycontrol could not independently verify the story.
"American Express strictly adheres to RBI instructions and will not engage in any business that it is not permitted to do by RBI," Amex told The Economic Times.
The Reserve Bank of India (RBI) on April 23 barred American Express banking Corp and Diners Club International from onboarding new card customers from May 1 due to non-compliance with the directions on Storage of Payment System Data.The central bank took similar action against Mastercard July 14.