Wednesday, September 22, 2021

RBI imposes restrictions on Mastercard from adding new customers from July 22

The Reserve Bank has imposed restrictions on Mastercard Asia/Pacific Private Limited for adding new domestic customers from 22nd July 2021.

The Reserve Bank has imposed restrictions on Mastercard Asia/Pacific Private Limited for adding new domestic customers from 22nd July 2021. In a press release issued from Mumbai today, RBI  said that MasterCard will not be allowed to add customers, be it for debit, credit or pre-paid cards onto its network as the entity has failed to comply with the directions on Storage of Payment System Data.

Stating that this order will not impact existing Mastercard customers, RBI asked the company to inform all card issuing banks and non-banks to conform to these directions.

It may be recalled that RBI had issued a circular in April 2018, directing all system providers to ensure that all information related to payments systems operated by them are stored in India. All the firms were given a period of six months to comply and report compliance to RBI.

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