Reserve Bank of India lifts restrictions on Mastercard

Monday 20 June 2022 12:08 CET | News

The Reserve Bank of India (RBI) has lifted restrictions imposed in 2021 on Mastercard over issuing debit and credit cards to new domestic customers.

The decision follows satisfactory compliance on rules regarding storage of payment system data.

The RBI imposed the curbs in July 2021 after saying Mastercard had not met data storage rules requiring foreign card networks to store domestic payments data only in India for the regulator to have ‘unfettered supervisory access’.

The global payments processor has invested USD 2 billion in India since 2014 to build technology centres and support innovation in digital payments.

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Keywords: central bank, banks, regulation, debit card, credit card
Categories: Banking & Fintech
Companies: Bank of India, Mastercard
Countries: India
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Banking & Fintech

Bank of India



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