New Delhi: After being banned by RBI from issuing a new card, US-based payment technology, Major Mastercard on Friday said that it had submitted an audit report to the regulator who showed compliance with local data storage norms.
Reserve Bank on July 14 places a prohibition that is not limited to the MasterCard of issuing credit cards, debit, and new prepaid.
The ban began to apply from July 22.
Restrictions are enforced because of the company’s failure to comply with local data storage norms that require company payment to store data related to Indian customers only in this country.
“When the RBI requires us to provide additional clarification of the framework of our data localization in April 2021, we maintain Deloitte Empaneled the government to conduct additional audits to help show our compliance.” We have conducted a sustainable dialogue with the RBI from April.
Submission of a report on July 20, 2021, “MasterCard said in a statement in response to a series of questions sent by PTI.
The company said since the RBI 2018 instructions on data localization and storage, it has worked with the central bank and the Government of India to ensure that MasterCard is in accordance with Letters and Spirit Order.
“This includes sending reports as required by the RBI.
We hope to continue our conversation with the RBI and strengthen how seriously we take our obligations.
We hope that this latest archiving provides guarantees needed to overcome their problems, “he said.
Furthermore, the company said it was committed to being included in any resource needed to meet additional requirements submitted by the RBI and bring this problem to close.
“Quickly”.
“Meanwhile, we are still focused on ensuring our current business continues to operate as usual, working in Lockstep with our customers and partners to minimize the impact on the cardholder,” added the main card issuing entity, the issuing entity, is a company Third that RBI has been banned from obtaining new customers on data storage problems, after American Express Banking Corp.
and Diners Club International.
RBI said that the MasterCard was found not in accordance with direction in the payment system storage.
Data ‘even though it was given an adequate opportunity.
However, regulators said the ban on publishing new cards K will have an impact on the services of the existing Masterca customers.
Rd in India.
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).
Circular RBI on storing payment system data on April 6, 2018 has directed all system providers to ensure that within six months of all data relating to the payment system is saved only in India.
They are also required to report compliance with the RBI and submit a system audit report approved by the board carried out by an auditor of the certificate in the specified schedule.