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RBI lifts curbs on American Categorical after compliance with information guidelines

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The Reserve Financial institution of India (RBI) has lifted restrictions on American Categorical Banking Corp. and has allowed the entity to onboard new clients on its card community.

“In view of the passable compliance demonstrated by American Categorical Banking Corp. with the RBI round dated April 6, 2018 on storage of fee system information, the restrictions imposed, vide order dated April 23, 2021, on onboarding of latest home clients have been lifted with quick impact,” the RBI mentioned in a press launch on Wednesday. 

The RBI had imposed restrictions on American Categorical Banking Corp. on onboarding new home clients onto its card community from Might 01, 2021 for non-compliance with information storage guidelines.

Sanjay Khanna – Interim CEO & COO, American Categorical Banking Corp., India mentioned “At this time’s determination is the results of our vital native investments in know-how, infrastructure, and assets.”

By- The Hindu

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