HomeIndiaAmex gets new India CEO after RBI ban on expansion lifted

Amex gets new India CEO after RBI ban on expansion lifted

American Express Banking Corp (AEBC) has announced the appointment of Sanjay Khanna as the Chief Executive Officer (CEO) and Country Manager for India. The company in a statement said Khanna heads the country executive team and is responsible for driving growth across the organisation’s consumer and commercial businesses.

Khanna, at present, heads the country executive team and is responsible for driving growth across the organisation’s consumer and commercial businesses.

In his new role, Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India, the company said, adding his position will be key to strengthening the company’s strategic focus in the country.

“I am pleased to welcome Sanjay to this new role. With over 30 years of experience in the industry, Sanjay has exceptional credentials of delivering strong results coupled with a natural knack for leading from the front. We are confident that his commitment to excel in everything he does, his strong values, and work ethics will further the brand’s leadership in the Indian market,” said Rob McClean, executive vice president, international card services, American Express.

In his previous roles, Khanna has held many leadership positions in the company including head of global financial operations, India centre lead for finance, and chairman of the American Express India Pvt Ltd (AEIPL) legal entity board.

Khanna has spent about 27 years with American Express, joining as manager of finance in 1996. In his previous roles, he held many leadership positions in the company, including head of Global Financial Operations, India Center Lead for Finance and chairman of the American Express India Pvt Limited Legal Entity Board.

He also led large-scale enterprise projects, multiple business transformation initiatives and established a number of centers of excellence.

He said, “India is undoubtedly one of the fastest growing economies of the world, characterised by its ever-expanding consumer base, evolving lifestyle and spending needs. As a premium payment solution brand, American Express has a definitive competitive edge in providing high-quality service. My role will be to further enhance the quality and service culture through premium products, service and solutions to meet the ever-growing needs of the affluent population in India.”

On August 25, RBI lifted the ban on new customer acquisition by American Express which was imposed with effect from May 2021 due to non-compliance with local data storage norms.

“In view of the satisfactory compliance demonstrated by American Express Banking Corp. 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 onboarding of new domestic customers have been lifted with immediate effect,” RBI said.

Similar bans were imposed on Diners Club International and Mastercard previously. The ban on Diners Club was lifted in November last year, while the restrictions on Mastercard was removed in June this year.

Companies such as Mastercard, Visa, American Express and Diners’ Club have been required to store Indian payments data locally since October, 2018. This was done to provide the reserve bank “unfettered supervisory access”.

With inputs from News18

The post Amex gets new India CEO after RBI ban on expansion lifted first appeared on IPA Newspack.



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