New Delhi: Reserve Bank of India (RBI) on Wednesday imposed restrictions on the MasterCard because they did not follow them on the storage of payment system data.
According to direction, the MasterCard cannot add new customers on the network from July 22.
MasterCard is the operator of the payment system that is authorized to operate the card network in the country under the Payment and Settlement System Law, 2007 (PSS Law).
“Born out from a fairly large time interval and adequate opportunities given, the entity has been found not in accordance with the direction of data on payment system data,” RBI said in an official statement.
However, orders will not have an impact on existing MasterCard customers.
The central bank has asked the company to advise all card and non-bank issuing banks to confirm these instructions.
Under the PSS law, the RBI has directed all system operators in India to ensure that all data relating to the payment system operated by them is stored in India.
The platform is given six months to comply with these norms.
RBI limits the MasterCard from Onboarding News New in India
