RBI stopped Master Card from adding new clients in India
Mumbai: Reserve Bank of India imposed restrictions on MasterCard users on its network from July 22nd, 2021 onwards. The payment system operator has been stopped from adding domestic customers under all the three categories of debit, credit as well as prepaid.
RBI in a statement said that the action has been taken against MasterCard for violating the RBI norms on storage of payment systems data. The RBI order will not have any impact on MasterCard’s existing customers and the company will have to inform all card issuing banks as well as non-banks to conform to RBI’s directions, added the statement.
RBI said that despite lapse of considerable time and adequate opportunities having been given to MasterCard, it was found to be non-compliant with its directions on Storage of Payment System Data.