Standard Chartered Bank has finally received the go-ahead from the RBI to acquire American Express Bank in a $823 million cash deal. This happened after the RBI permitted AEB to transfer its credit card business to American Express Banking Corporation (AEBC). 

AmEx wanted to retain its credit card and travel business in India by transferring it to a non-banking finance company (NBFC), which the RBI was not too comfortable with. Amex then requested for a restricted banking licence to conduct credit card and travel-related businesses.



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