India's Central Bank Prohibits Mastercard From Registering New Members From Jul 22: Business Standard

July 14, 2021 1:16 PM | 1 min read | Make a Comment

The Reserve Bank of India (RBI) has barred global card player Mastercard Inc MA from onboarding new domestic customers on its network from July 22, Business Standard reports.
The central bank's directive follows non-compliance with guidelines on local data storage, despite ample time and adequate opportunities given to it.
The rules also encompass banks that work with Mastercard for debit, credit, or prepaid cards.
The RBI had directed all the payment system providers to store the entire data relating to payment systems in a system in India. They were required to report compliance to RBI and submit a board-approved system audit report.
Price action: MA shares traded higher by 1.35% at $388.89 on the last check Wednesday.

Posted In: Government News Regulations Tech Media Briefs Data Processing & Outsourced Services Information Technology

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