RBI bans Mastercard from taking on new customers
The Reserve Bank of India has banned Mastercard from taking on new customers, saying this was due to the firm’s non-compliance with data storage regulations.
In a statement published on July 14, the RBI banned Mastercard’s Asia-Pacific subsidiary from issuing debit, credit or prepaid cards to new customers indefinitely.
It said Mastercard was not obeying a 2018 regulation mandating all data on payments systems must be “stored in a system only in India”.
The restrictions come into place on
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