RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data". In terms of its circular on Storage of Payment System Data on April 6, 2018, all system providers were directed to ensure that within a period of six months the entire data relating to payment systems is stored only in India, as per the central bank. Earlier, RBI had restricted American Express Banking Corp and Diners Club International Ltd from onboarding new domestic customers on to their card networks from May 1 for violating data storage norms.

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History of this topic

Credit card consumer protection laws: 6 key RBI rules you should know
1 month ago

Credit card consumer protection laws: 6 key RBI rules you should know

Live Mint  

If you are a frequent user of credit cards or planning to get a credit card, you might face a situation where your consumer rights might be violated. However, they can charge differential interest rates according to the credit card user’s payment history and must be transparent about it. 3. Credit card debt collection process According to RBI guidelines, banks …

Credit cards: What are the consumer protection laws that apply to credit cards?
1 month ago

Credit cards: What are the consumer protection laws that apply to credit cards?

Live Mint  

Notwithstanding all the benefits offered by credit cards, the users could face certain issues with regards to hidden charges levied – something they were unaware of earlier. On this, Riya Bhattacharya, Founder, Rio Money, says, "RBI has made several consumer protection policies under its Master Directions for Credit Cards. These are some of the key consumer protection frameworks which apply …

RBI lifts restrictions on adding customers on Bank of Baroda’s mobile app
7 months, 2 weeks ago

RBI lifts restrictions on adding customers on Bank of Baroda’s mobile app

Live Mint  

The Reserve Bank of India on Wednesday lifted restrictions imposed on Bank of Baroda in October last year, allowing the public sector lender to onboard customers to its mobile banking app, bob World. “We wish to inform that the RBI, vide its letter dated 8 May 2024, conveyed to the bank its decision to lift the above mentioned restrictions on …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

Cardholders’ data cannot be shared without their consent
9 months, 1 week ago

Cardholders’ data cannot be shared without their consent

New Indian Express  

BENGALURU: From now on, card issuers cannot share card data including transaction data of the cardholders with the outsourcing partners without explicit consent from the cardholder. The new rules stipulate that in case where the customers give explicit consent for sharing the information provided by them with other agencies, card issuers shall clearly state and explain to the customer the …

RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks
9 months, 2 weeks ago

RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks

India TV News  

RBI guidelines: The Reserve Bank of India on Wednesday issued new guidelines aimed at providing more options and flexibility for credit card customers. The central bank said card issuers must allow provide an option to their eligible customers to choose from multiple card networks at the time of issue. “On a review, it is observed that some arrangements existing between …

RBI Bars Paytm Bank from Offering Banking Services After February 29
10 months, 3 weeks ago

RBI Bars Paytm Bank from Offering Banking Services After February 29

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday banned Paytm Payments Bank Ltd from offering all forms of banking services including fund transfers via Unified Payments Interface, IMPS, Aadhaar-enabled payments and bill payment transactions, effective February 29, 2024. However Paytm customers need not worry as they can continue to utilise balances from their accounts, including savings and current without restriction …

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here
1 year, 2 months ago

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here

Live Mint  

The RBI governor, Shaktikanta Das, has recently put forward a proposal to implement card-on-file tokenisation functionality at the issuer-bank level in India, reported TOI. While card tokenisation represented a significant reform aimed at bolstering the security of online transactions, the Reserve Bank of India has now introduced an additional layer of protection. As previously mentioned, the RBI has introduced fresh …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline
2 years, 3 months ago

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline

Live Mint  

Pure play credit card company, SBI Cards & Payment Services is ready in all networks to move towards card tokenisation. To tackle risks involving card storage data, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. Mohan Rao Amara, MD & CEO, SBI Cards and Payment Services on Thursday …

RBI lifts restrictions on American Express; allows onboarding new domestic customers
2 years, 4 months ago

RBI lifts restrictions on American Express; allows onboarding new domestic customers

India TV News  

Highlights RBI allowed American Express Banking Corp to onboard new customers on its card network The central bank had imposed the restrictions on May 1, 2021 They were also required to report compliance to RBI The Reserve Bank on Wednesday lifted the restrictions on American Express Banking Corp and allowed the onboarding of new domestic customers on its card network. …

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means
2 years, 5 months ago

RBI Extends Deadline for Complying with Card Tokenisation Norms by 3 Months: What It Means

News 18  

Mumbai, Jun 24: The Reserve Bank of India on Friday extended the card-on-file tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' – thereby enabling more secure transactions. As per the RBI mandate to enhance …

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

Relief for Mastercard as RBI Lifts Restrictions, No Change for American Express and Diners Club
2 years, 6 months ago

Relief for Mastercard as RBI Lifts Restrictions, No Change for American Express and Diners Club

News 18  

The Reserve Bank of India removed a ban on Mastercard on Thursday, allowing the card network to on-board new clients for debit, credit, or prepaid cards, citing the company’s compliance with payment data storage regulations. It should be noted that RBI stopped Mastercard, American Express, and Diners Club from issuing new debit, credit, or prepaid cards to clients indefinitely last …

Key takeaways from RBI circular on credit cards
2 years, 7 months ago

Key takeaways from RBI circular on credit cards

Live Mint  

The Reserve Bank of India has released directions on issuing credit and debit cards, aiming to empower card users and check misconduct of issuers. Non-bank lenders must seek RBI nod before issuing credit cards, and follow strict regulations on sharing data even with their co-branding partners. The regulations empower credit card customers, mandate lenders to take consent of customers on …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

Explained | What is tokenisation of debit and credit cards?
2 years, 11 months ago

Explained | What is tokenisation of debit and credit cards?

The Hindu  

The story so far: The Reserve Bank of India on December 23 extended the deadline given to online merchants and financial payments companies for the tokenisation of card data used for online transactions. It wanted to put an end to the practice of online merchants storing the card details of customers, which the Central bank believed could lead to misuse …

RBI defers tokenisation deadline by six months
3 years ago

RBI defers tokenisation deadline by six months

The Hindu  

The Reserve Bank of India has decided to defer the implementation of tokenisation of debit and credit cards for online transactions by a further six months following representations from stakeholders. “The timeline for storing of CoF data is extended by six months till June 30, 2022; post this, such data shall be purged,” the central bank said on Thursday. “In …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

US official privately criticised RBI ban on Mastercard
3 years, 3 months ago

US official privately criticised RBI ban on Mastercard

India TV News  

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", a global news wire reported. The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action …

Explained | Why has the RBI barred Mastercard from issuing new cards in India?
3 years, 5 months ago

Explained | Why has the RBI barred Mastercard from issuing new cards in India?

The Hindu  

The story so far: The Reserve Bank of India on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. In 2018, the Indian central bank had issued a circular ordering card companies such as Visa, Mastercard, and American Express to store all Indian customer data locally so that the regulator …

MasterCard Ban to Hit SBI, Yes Bank, 5 Others. Will Your Debit, Credit Card be Blocked?
3 years, 5 months ago

MasterCard Ban to Hit SBI, Yes Bank, 5 Others. Will Your Debit, Credit Card be Blocked?

News 18  

The Reserve Bank of India had said in a statement that a ban on Mastercard would be imposed effective from June 22. A little further down the spectrum, Induslnd Bank, ICICI Banks and Axis Bank will be the second most affected as they have around 35 to 40 per cent of their credit card schemes tied to the banned card, …

Fresh card issuance by five private banks to be impacted due to ban on Mastercard by RBI: Report
3 years, 5 months ago

Fresh card issuance by five private banks to be impacted due to ban on Mastercard by RBI: Report

The Hindu  

As many as five private sector banks, including Axis Bank, Yes Bank, and IndusInd Bank, are to be impacted by the Reserve Bank of India’s decision to ban Mastercard from issuing new cards for not complying with local data storage guidelines, according to a report. “Among credit card issuers including co-brand partners, RBL Bank, Yes Bank and Bajaj Finserv lending …

Do you have Mastercard's Debit, Credit Card? What will happen to existing customers after RBI's ban
3 years, 5 months ago

Do you have Mastercard's Debit, Credit Card? What will happen to existing customers after RBI's ban

India TV News  

Mastercard banned in India: The Reserve Bank of India on Wednesday, July 14, barred Mastercard from on-boarding new domestic customers includig debit, credit or prepaid cards users onto its network. Citing the violation of norms on storage of payment systems data, the Reserve Bank of India has prohibited Mastercard from issuing debit cards, credit cards or prepaid cards to new …

RBI Restricts Mastercard: How Will It Impact Existing Customers?
3 years, 5 months ago

RBI Restricts Mastercard: How Will It Impact Existing Customers?

The Quint  

In a 2018 statement, MasterCard CEO and President, Ajaypal Singh Banga, said that data localisation may fail to provide safety and security to Indian banks, merchants. Meanwhile, Sharat Chandra, an emerging tech evangelist told The Quint that since there is hardly any money left to be made in payments business, payment data collected can be used by Mastercard to build …

Will your Debit and Credit Card be Valid India after RBI's Ban on Mastercard? Read Here
3 years, 5 months ago

Will your Debit and Credit Card be Valid India after RBI's Ban on Mastercard? Read Here

News 18  

The Reserve Bank of India has imposed restrictions on Mastercard Asia or Pacific Pte. The Reserve Bank of India said that Mastercard had not complied with rules requiring foreign card networks to store payments data in India. The Reserve Bank of India has prohibited Mastercard from issuing debit card, credit card or prepaid cards to new customers, starting from July …

Mastercard barred from adding clients
3 years, 5 months ago

Mastercard barred from adding clients

Hindustan Times  

Barely three months after cracking the whip on American Express and Diners Club for non-compliance with local data storage norms, the Reserve Bank of India on Wednesday barred Mastercard Asia from signing up new card customers on similar grounds. The multinational card network will not be allowed to on-board new credit, debit or prepaid card customers in India beginning July …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your …

RBI restricts American Express, Diners Club from on-boarding new customers from May 1
3 years, 8 months ago

RBI restricts American Express, Diners Club from on-boarding new customers from May 1

The Hindu  

The Reserve Bank of India has restricted American Express Banking Corp and Diners Club International Ltd from on-boarding new domestic customers onto their card networks from May 1 for violating data storage norms. American Express Banking Corp and Diners Club International Ltd are Payment System Operators authorised to operate card networks in the country under the Payment and Settlement Systems …

RBI bars American Express, Diners from adding new customers for not following data storage rules
3 years, 8 months ago

RBI bars American Express, Diners from adding new customers for not following data storage rules

India Today  

The Reserve Bank of India on Friday barred global card networking giants American Express Banking Corp and Diners Club International Ltd from adding new customers in India from May 1. In an order, the RBI said American Express and Diners Club have been barred from "on-boarding new domestic customers onto their card networks". Ban won't affect existing customers The central …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You
4 years, 2 months ago

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You

ABP News  

In order to secure banking transactions and curb misuse of cards, the central bank has issued new guidelines that have been effective starting October. CBDT Extends Belated, Revised ITR Filing Deadline For AY 2019-20 | Check Details From this month onward, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

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