New Delhi: Reserve Bank of India (RBI) has prevented the Mastercard Asia Pacific from Onboarding New Credit, Debit and Card Card Card with the effect of July 22 for failing to comply with data storage norms.
The US-based network is the second largest credit card publisher (after Visa) in India and the RBI seat can have implications for foreign relations.
The central bank has encouraged regulated entities to store data relating to Indian customers in Indian land since April 2018.
Read also MasterCard’s prohibition to hit Bank Card Operations, Revenue: Reportindien’s Decision to Prohibit Rules of Data Storage has troubled the country’s financial sector because it would be annoying Bank card offerings and achieving banking industry revenue, payments and executives to Reuters.
Here is an explorer: MasterCard is not the only one below RBI RadarmasterCard is a third card network that will be banned by RBI this year.
, After the American Express and Diners Club are also prohibited from onboarding new customers in April.
It only makes a visa and rupiah because the only network card is allowed to take new customers.
Data storage rules (2018) Data storage rules are implemented in 2018 the mandate that payment system provider stores all payment data in a system located only in India, except for processing cross-border payments.
Data sent abroad to be processed must be removed abroad in the specified timeline and only stored in India.
MasterCard response “While we were disappointed with the attitude taken by the RBI in their communication on July 14, we will continue to work with them to provide additional details needed to solve their problems.
Building our investment is quite large and advanced in India, we remain Committed to working with our customers and partners in advancing the Indian digital vision of the government, “MasterCard said.
The impact of RBI orders will not affect existing MasterCard customers.
In addition, the majority of banks are not expected to be affected because they often have relationships with several networks and thus can continue to issue debit cards and credit using visas or rupiah networks.
Bank RBL which will affect the bank said on Thursday that the issuance of the credit card would be affected.
The current lender issued a credit card on the MasterCard network.
However, the bank expects to start issuing a credit card on a visa payment network.
Posting technology integration that is expected to take 8 to 10 weeks.
(With input from agency)
Explanation: Why rbi barred mastercard from removing a new card
