Reserve Bank of India Decides to Indefinitely Prevent Mastercard from Providing New Debit, Credit Cards to Locals
The
Reserve Bank of India (RBI) revealed on Wednesday (July 14, 2021) that it has decided to indefinitely ban
Mastercard Inc (NYSE: MA) from providing any new debit or credit cards to local clients for allegedly violating data storage guidelines. This move appears to be significant setback to the payments giant as India is a major market.
In a statement, the RBI noted that Mastercard failed to adhere to relevant data storage guidelines from 2018 which require foreign card networks to store Indian payments data strictly in India so that regulatory authorities are able to maintain “unfettered supervisory access.”
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