Reserve Bank of India lifts restrictions on Mastercard

Mumbai : The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms.
The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.
“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd…on Storage of Payment System Data, the restrictions imposed…on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement.
The RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.
Tags banking Business news Mastercard Reserve Bank of India