Business & Economics

RBI Bars Mastercard From Issuing New Debit, Credit Cards From July 22

BP World Bureau | Jul 15 2021 01:12:08 PM
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NEW DELHI: Reserve Bank of India (RBI) announced that Mastercard has been barred from issuing new domestic customers debit, credit, or prepaid cards onto its network from July 22. 

Mastercard had not complied with the directions for the storage of Payment System Data in India. However, his order does not impact the existing customers. 

RBI stated in its release that the restrictions have been imposed based on the powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).

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For the same reason, RBI had imposed restrictions on American Express and Diners Club International on May 1st this year. 

Three years ago, RBI had announced that all payment systems data in India was to be stored in a system only in the country.

Including full end-to-end transaction details, and information collected, carried or processed.