RBI bars Mastercard from onboarding new customers in India
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Last Updated: Jul 15, 2021, 06:23 AM IST
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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 enforce these norms. The central bank said that Mastercard’s existing customers won’t be impacted because of these restrictions.
The Reserve
Bank of India on Wednesday has barred US-based card network Mastercard from onboarding new domestic debit, credit or prepaid customers on its card network in India from 22 July onwards.