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Fresh card issuance by 5 private banks to be impacted due to ban on Mastercard by RBI: Report
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Fresh card issuance by five private banks to be impacted due to ban on Mastercard by RBI: Report
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RBI bars Mastercard from new card issues for failure to comply with data rules
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Shares of private lender RBL Bank declined 3.1 per cent to Rs 212 a piece on the BSE on Thursday after banking regulator Reserve bank of India (RBI) on Wednesday barred global card player Mastercard Asia/Pacific Pte Ltd from onboarding new domestic customers on its network from July 22 over non-compliance with local data storage guidelines.
RBL Bank currently issues credit cards only on Mastercard payment network and has approximately 3 million credit card customers. It is the fifth largest credit card issuer in the country with approximately 5 per cent market share. The shares, however, recovered after the lender informed the exchanges that it entered into an agreement with Visa Worldwide Pte. Limited last on Wednesday to issue credit cards enabled on the Visa payment network.
RBI Mastercard Ban: Decoded: RBI s latest move to ban Mastercard from issuing new cards
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.