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 given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data. This order will not impact existing customers of Mastercard. Mastercard shall advise all car
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FAQ :
The Reserve Bank of India has imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from onboarding new domestic customers onto its card network.
The restrictions on onboarding new customers will be effective 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.
In terms of an RBI circular from April 6, 2018, all System Providers were directed to store all payment system data within India and report compliance.
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Source : https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51895