Categories: Banking

RBI imposes restrictions on Mastercard Asia from adding new customers

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

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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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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.