NEW DELHI — India on Wednesday barred Mastercard from adding new customers in the country over claims that it had violated the country’s data storage laws, a blow to the company in a market it was investing in heavily for expansion. The Reserve Bank of India said Mastercard had not complied with a 2018 order to store data on local transactions only in India despite “considerable time and adequate opportunities” to do so. The ban on issuing cards to new customers will go into effect on July 22, the central bank said in a statement. Mastercard said in a statement that it was “disappointed” by the government restriction, but the move would not affect its operations. “Mastercard is fully committed to our legal and regulatory obligations in the markets we operate in,” the statement said.

Source: International New York Times July 15, 2021 12:56 UTC