Question : Diners Club International, founded as Diners Club, is a charge card company owned by Discover Financial Services. What recently(November 2021) happened with it ?
a. RBI removes restrictions on it
b. It became bankrupt
c. It partnered with Visa for JV
d. None of the above
Ans. a.
Related facts —
- Diners Club International, founded as Diners Club, is a charge card company owned by Discover Financial Services.
- RBI has recently(November 2021) removed restrictions, with immediate effect, imposed on Diners Club International regarding on-boarding of fresh domestic customers onto its card network.
- Background —
- In April, the RBI had imposed restrictions on Diners Club International from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance of payment system data storage norms.
- “In view of the satisfactory compliance demonstrated by Diners Club International with the Reserve Bank of India (RBI) circular dated April 6, 2018 on storage of payment system data, the restrictions imposed, vide order dated April 23, 2021, on on-boarding of fresh domestic customers have been lifted with immediate effect.”
- Diners Club International offers access to more than 1,300 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions.