RBI Lifts Ban On Diners Club International

RBI lifts ban on Diners Club International, allows new customers to join.

The Reserve Bank of India (RBI) on Tuesday lifted the ban on Diners Club International. The central bank allowed him to join new domestic customers.

RBI Bank said in a statement that the restrictions have been lifted with immediate effect.

The RBI had on April 23, 2021, banned Diners Club International Limited from adding new domestic customers to its card network with effect from May 1, 2021, for non-compliance with the norms for storage of payment system data.

RBI said, in view of satisfactory compliance with the RBI circular by Diners Club International Ltd., restrictions imposed on storage of payment system data on-boarding of new domestic customers vide order dated April 23, 2021, have been removed.

In April 2018, RBI had directed all system providers to ensure that all data relating to payment systems operated by them within six months if stored in only one system in India.

RBI lifts ban on Diners Club International: On the other hand, the Reserve Bank of India has banned another cooperative bank.

RBI has imposed several restrictions on Maharashtra-based Babaji Date Mahila Sahakari Bank, Yavatmal. These restrictions also include a withdrawal limit of Rs 5,000 for customers.

The co-operative bank of Yavatmal can no longer make any payment without the approval of the Reserve Bank, nor can the bank be allowed to give any loan or advance.

According to the RBI statement, in view of the recent cash position of the bank, all savings bank or current accounts, or other account holders will not be able to withdraw more than Rs 5,000 from their accounts.

Paytm IPO: 34 percent of applications received for IPO of Rs 18,000 crore so far on the second day.

The Mega IPO of One97 Communications had got a 34 percent subscription till the writing of the news on the second day of Tuesday’s stake sale.

This issue is open until Wednesday 10 November. Monday was the first day of Paytm’s Rs 18,000 crore IPO and till evening, applications were received for only 18 percent of the shares.

On the other hand, investors showed more enthusiasm towards companies like Nykaa and Zomato than Paytm.

Market experts are concerned about the lack of interest among institutional investors for the biggest IPO in the history of the country’s stock market.