The Reserve Bank of India bars Mastercard from issuing cards

Thursday 15 July 2021 10:53 CET | News

The Reserve Bank of India has barred Mastercard indefinitely from issuing new debit or credit cards to domestic customers.

According to BBC, India's central bank has accused the company of violating data storage laws. The bank informed that Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India. Moreover, Mastercard will be prohibited from issuing debit, credit, or prepaid cards to customers in India from 22 July 2021.

The bank stated that Mastercard had violated a 2018 order directing payments data to be stored in India.

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Keywords: Mastercard, credit card, debit card, prepaid card
Categories: Payments & Commerce
Countries: India
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