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The Reserve Bank of India (RBI) has lifted the restrictions imposed on Mastercard Asia Pacific Pte Ltd on on-boarding of new domestic customers with immediate effect.
The RBI on June 16, 2022 lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.“In view of the satisfactory compliance demonstrated by…
The restrictions were imposed on Mastercard from issuing new credit, debit and prepaid cards came into effect from July 22 for its failure to comply with data storage norms.
In July last year, the RBI had barred Mastercard from issuing new debit and credit cards to domestic customers
The Reserve Bank of India (RBI) on Thursday announced that it has lifted business restrictions imposed on Mastercard Inc with immediate effect.