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RBI lifts restrictions on Mastercard, allows it to onboard new customers
The RBI lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.
Highlights
- RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers.
- It had banned the company from onboarding new domestic customers onto its card network from July 22, 2021.
New Delhi: The Reserve Bank of India (RBI) on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.
"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd...On Storage of Payment System Data, the restrictions imposed...On on-boarding of new domestic customers have been lifted with immediate effect," the RBI said in a statement. (ALSO READ: Cosmetics company Revlon files for bankruptcy, hit by high debt, supply chain issues)
The RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. (ALSO READ: 7th pay commission: 3 big bonanza coming in July: 5% DA hike, 18-months arrear, PF interest rate)