Quick Summary
The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding lapse of considerable time and adequate opportunities being
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FAQ :
The RBI has restricted Mastercard Asia / Pacific Pte. Ltd. from onboarding new domestic customers (debit, credit, or prepaid) onto its card network.
The restriction on onboarding new customers comes into effect from July 22, 2021.
The RBI has taken this action because Mastercard has been found to be non-compliant with the directions on the storage of payment system data.
No, this order will not impact existing customers of Mastercard.
RBI's circular from April 6, 2018, directed all System Providers to store all payment system data in India within six months and report compliance.
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