Central Banking

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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