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Mastercard: India stops payment service provider from issuing cards

BBC News Published image captionMastercard will be prohibited from issuing cards to customers in India from 22 July India s central bank has barred Mastercard indefinitely from issuing new debit or credit cards to domestic customers. The Reserve Bank of India has accused the company of violating data storage laws. The bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India. There has been no response from the global payments service provider. Mastercard will be prohibited from issuing debit, credit or prepaid cards to customers in India from 22 July. The Reserve Bank s decision will not have any impact on Mastercard s existing customers. 

Mastercard banned from issuing new cards in India | Money

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 Follow us on Instagram and subscribe to our Telegram channel for the latest updates. 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.

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