American Express Banking Corp (NYSE:AXP) has been fined 3.18 million rupees ($35,818) by the Reserve Bank of India for failing to adhere to credit and debit card issuance rules.
The central bank stated that American Express did not return certain credit balances to cardholders, arising from refunds, failed transactions, or reversals, which should have been reimbursed to customers’ bank accounts.
The penalty underscores India’s ongoing focus on ensuring compliance in its expanding payment card sector and signals the regulator’s commitment to maintaining strict oversight over financial institutions.
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