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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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.
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Shaktikanta Das, Hardeep Singh Puri key speakers at ET Financial Inclusion Summit
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Last Updated: Jul 13, 2021, 07:37 AM IST
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Governor Das, who pioneered the Financial Inclusion Index for India, will inaugurate the event on July 15 at 3 pm through a virtual address, detailing the RBI’s steps toward pushing the agenda of inclusion and plans for the future.
Reserve Bank of India (RBI) Governor Shaktikanta Das
Reserve
Bank of India (RBI) Governor Shaktikanta Das and housing and minister of petroleum and natural gas, and housing and urban affairs Hardeep Singh Puri would be the key speakers at this week’s ET Financial Inclusion Summit, which is set to help create a national template for democratising access to formal financing and assist New Delhi in achieving its social goal of poverty reduction. Top decision makers, including UIDAI CEO Saurabh Garg, National Payments Corp of India’s CEO Dilip Asbe, IndusInd Bank CEO Sumant Kathpaliaand Bandhan Bank
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RBI warns against allowing Big Tech firms into financial services
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Entry of Big Tech firms Apple, Amazon, Google, Facebook and Microsoft into financial services could present challenges in maintaining adequate stability and governance of the ecosystem, RBI says in its biannual Financial Stability Report.
Reuters
RBI’s warning comes at a time when the Indian government has been embroiled in a tussle with Big Tech firms over compliance with India IT rules.
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Mumbai: Entry of the so-called Big Tech companies in financial services in emerging markets such as India could present challenges to regulators towards maintaining adequate stability and governance of the ecosystem, the Reserve Bank of India said on Thursday.