RBI lifts business restrictions on Mastercard, allows onboarding of fresh customers
New Delhi, June 16: The Reserve Bank of India (RBI) lifted the business restrictions placed on Mastercard for failing to comply with norms related to the storage of payment data, on Thursday.
The restrictions were imposed on Mastercard in July 2021.
“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” RBI said.
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For non-compliance with the RBI circular on payment system data storage, Mastercard Asia / Pacific Pte. Ltd. was barred from onboarding new domestic customers (debit, credit, or prepaid) onto its card network in July last year.
After the RBI warned American Express and Diners Club International not to take on new domestic customers in April, Mastercard became the third company to be barred on similar grounds.
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-PTC News
