RBI lifts American Express's 15-month new-customer ban

The RBI has lifted its ban on American Express onboarding new customers, 15 months after slamming the door in May 2021 over data-localisation non-compliance. Amex has now satisfied the regulator, and the front door is open again.

For a year and a quarter, Amex India was effectively an invite-only club frozen at its existing membership — no new Platinum Charge cards, no new Membership Rewards accounts, nothing. The points crowd responded exactly as you’d expect: existing cardholders became gatekeepers, and invites were traded like contraband.

That era ends today. The Platinum Charge Card — the anchor of Amex’s India lineup and the gateway to Membership Rewards transfers — is available to new applicants for the first time since spring 2021.

Our take: this is unambiguously good news for Indian points collectors. A transferable-points ecosystem with Amex locked out was a poorer one, and 15 months of frozen customer acquisition means Amex now has ground to make up. Banks win back market share with sign-up generosity — if you’ve been waiting on the sidelines, the next few months are your window.