RBI restricts Mastercard from acquiring new customers from July 22
Hindustan TimesThe 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.” According to the RBI, the restrictions will not impact existing customers of Mastercard. Mastercard has become the third major payment system operator to face restrictions ove non-compliance with RBI's direction on Storage of Payment System Data. Earlier, the central bank had restricted American Express Banking Corp and Diners Club International Ltd from onboarding new domestic customers onto their card networks from May 1 for violating data storage norms.