Thursday, 15 Jul 2021 07:41 AM MYT
The Reserve Bank of India found Mastercard to be in violation of its April 2018 circular that directed all payments data be stored exclusively in India. Reuters pic
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MUMBAI, July 15 India’s central bank Wednesday banned global payments giant Mastercard from adding new customers starting next week, in an escalation of a long-standing dispute on local data storage rules.
The Reserve Bank of India (RBI) found Mastercard to be in violation of its April 2018 circular that directed all payments data be stored exclusively in India, allowing the regulator “unfettered supervisory access” to transaction details.
Mastercard banned from issuing new cards in India
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Why did India ban Mastercard from issuing new cards?
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