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Located in the Lower Manhattan area of New York City’s Battery Park City, the American Express Company is a multinational organisation focusing on payment card services. The business was established in 1850. The well-known traveller’s checks, credit cards and charge cards issued by the corporation bear its 1958-adopted emblem, which features a gladiator or centurion. The Indian Banking Corp. of American Express offers financial services. Indian customers of American Express are catered to through this corporation. This business also provides charge cards, credit cards, traveller’s checks, payments, travel, and expense management solutions. Sanjay Khanna has been named the country manager and CEO of American Express Banking Corp. India.
Key takeaways
- Sanjay Khanna has been appointed as India’s CEO and country director by AEBC.
- American Express declared that Khanna serves as the leader of the national executive team and is in charge of fostering growth across all of the company’s consumer and commercial divisions.
- Khanna joined American Express in 1996 as the manager of finance and has since worked there for roughly 27 years.
Historical Background Of American Express
American Express was founded in Buffalo, New York, in 1850 as an express mail company. At that time, the express businesses owned by William G. Fargo (Livingston, Fargo & Company), Henry Wells (Wells & Company), and John Warren Butterfield were combined to form a joint-stock organisation. When Butterfield and some other directors opposed the suggestion that American Express expand its operations to California, Wells and Fargo also founded Wells Fargo & Co. in 1852. In what was eventually referred to as the Tribeca neighbourhood of Manhattan, American Express created its operations in a building just at the junction of Jay and Hudson Street.
American Express officials explored issuing a travel credit card as soon as 1946. Still, it wasn’t until Diners Club introduced cards in March 1950 that American Express started to take the idea seriously. Ralph Reed, the CEO of American Express, decided to enter the card market at the close of 1957. By the official date of Oct 1, 1958, there was such a substantial amount of public demand that 250,000 credentials were issued ahead of schedule. To be perceived as a premium product, the card was introduced with an annual charge of $6, $1 more than Diners Club. The account number and card member’s name were typewritten on the original cards, which were made of paper.
The expertise of Sanjay Khanna
Khanna joined American Express in 1996 as the manager of finance and has since worked there for roughly 27 years. He formerly held various executive positions at the corporation, including chairperson of the Legal Entity Board of the American Express India Pvt Ltd, lead for finance at the India Centre, and chief of global financial operations. He also oversaw numerous corporate transformation initiatives and large-scale enterprise projects, including establishing multiple centres of excellence.
Khanna’s new role as CEO
Sanjay Khanna has been appointed as the CEO and National Manager for India by American Express Banking Corp (AEBC). According to a statement from the company, Khanna serves as the leader of the team of the country executive and is in charge of fostering growth across all of the company’s consumer and commercial operations.
Khanna now serves as the leader of the national executive team and is in charge of fostering growth throughout the company’s consumer and commercial divisions. According to the corporation, Khanna’s new job will enhance American Express’s strategic emphasis in India. He will oversee collaboration across the company’s many businesses in India and other business growth efforts.
Greetings from the Vice President
Sanjay has my sincere welcome in his new position. With more than 30 years of expertise in the field, Sanjay has a good track record of accomplishments and a natural talent for taking the initiative. Rob McClean, the executive vice president of international card services of American Express, stated, “We are convinced that his drive to excellence in all he does, his deep-rooted values, and professional ethics will advance the brand’s dominance in the market of India.
Statement from the new CEO
According to the new CEO Khanna, “India is undoubtedly one of the economies developing the quickest in the globe, and it is distinguished by its expanding consumer base, changing lifestyle, and changing spending requirements. American Express does have a clear competitive advantage when it comes to offering top-notch customer service as a solution brand. To address the expanding needs of India’s wealthy population, my responsibility would be to further improve the service and quality environment through quality products, services, and solutions.”
Relief Statement From RBI
American Express was prohibited from acquiring new customers beginning in May 2021 due to failing to comply with local distributed database regulations. On August 25, the RBI reversed this restriction.
“The restrictions imposed, pursuant to order dated April 23, 2021, on onboarding of new domestic consumers have been lifted with immediate impact,” the Reserve Bank of India (RBI) stated. In the perspective of the satisfying conformance evidenced by American Express Banking Corp. with said Reserve Bank of India (RBI) official notification dated April 6, 2018, on Storage of Payment System Data, RBI decided to lift the ban.
Before the limitations on Mastercard and Diners Club International were lifted in June of this year and November of last year, the two companies were subject to similar bans.
Since October 2018, organisations including Mastercard, Visa, American Express, and Diners’ Club have been compelled to retain Indian payment data locally. To give the reserve bank “unrestricted supervisory access” was done.
Sanjay Khanna has been appointed as the CEO and country director for India by AEBC, the company stated on Monday. A new beginning has begun with Khaana’s joining as CEO of the Indian Chapter of American Express.
