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Last year, the Reserve Bank of India indefinitely barred Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards.

RBI lifts restrictions on Mastercard over issuing new cards

The RBI lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. 

The RBI has put a hold on its plans to allow private establishments to create digital payment platforms owing to data safety concerns

RBIs supervisory action will not impact the services of the existing customers of Mastercard. Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007. System providers also required to report compliance to RBI. New Delhi: In a major supervisory action, the Reserve Bank on Wednesday indefinitely barred the US-based Mastercard from issuing new credit, debit and prepaid cards with effect from July 22 for it...

RBI bars Mastercard from onboarding new customers in India SECTIONS Last Updated: Jul 15, 2021, 06:23 AM IST Share Synopsis The central bank’s supervisory action on Mastercard is citing its non-compliance with data localisation mandate wherein all foreign payment operators storing card and customer related data must do so in servers physically present in India. Agencies RBI had issued its data storage circular in April of 2018 and given all system providers a time frame of six months to enfor...

RBI Stops American Express and Diners Club Stopped from Adding New Customers, Finds Flaws in Storage Data American Express and Diners Club were found not following the RBIs directions on ensuring that data of transactions, payments, instructions, and customer information collected by them is stored in a system within India   |  24 April 2021 7:00 AM GMT Mumbai: The Reserve Bank of India (RBI) has restricted American Express (AmEx) and Diners Club International Ltd. from adding new domestic c...

Data Localisation: RBI Bars AmEx, Diners Club From Taking New Customers Apr 23 2021, 9:54 PM April 23 2021, 8:00 PM April 23 2021, 9:54 PM In a first such action, the Reserve Bank of India barred American Express Banking Corp. and Diners Club International from on-boarding new credit card customers in India from May 1 citing non-compliance with norms that require storing transaction data locally.“These entities have been found non-compliant with the directions on Storage of Payment System ...

RBI imposes restrictions on American Express and Diners Club April 23, 2021 × The Reserve Bank of India (RBI) has imposed restrictions on American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1. In an order issued on Friday, the RBI said the aforementioned entities have been found non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers, it added. The R...

RBI restricted American Express and Diners Club from adding new customers from May 1 The Reserve Bank of India (RBI) has restricted American Express and Diners Club International Ltd. from adding new domestic customers from May 1 for not complying with data storage rules. The central bank says its order wont impact existing customers. The two companies have been found guilty of not complying with the rules on Storage of Payment System Data, according to a statement issued by the central ba...