Mastercard ban: RBI seeks action plan from banks
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Synopsis
The Reserve Bank of India has also reached out to various lenders on the problems being faced by the broader banking system after it barred the US payments major from issuing new cards for its alleged failure to comply with data localisation rules.
Agencies
India’s central bank has asked lenders to put in place business continuity plans (BCP) after it ordered operational curbs, effective last week, on Mastercard. It has also sought details on their preparedness to regularise the issuance of credit and debit cards on alternative payments platforms, such as Visa and RuPay, three people aware of the development told ET.