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Fresh card issuance by five private banks to be impacted due to ban on Mastercard by RBI: Report
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India bank regulator blocks Mastercard from issuing new cards
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RBI s 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 its failure to comply with data storage norms.
Mastercard, a major card issuing entity in the country, is the third company to have been barred by RBI from acquiring new customers after American Express Banking Corp and Diners Club International over data storage issue.
India s central bank imposes restriction on Mastercard from acquiring new customers - World News
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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.