US-based Mastercard will not be allowed to issue new debit, credit cards from tomorrow, 22 July, after Reserve Bank of India (RBI) earlier banned indefinitely barred the company's cards for its failure to comply with data storage norms. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021," the central bank said in a statement. The RBI, moreover, clarified that its supervisory action will not impact the services of the existing customers of Mastercard in the country. And with American Express and Mastercard prohibited, Visa gets an unprecedented advantage in negotiations in a credit card market it already dominates. RBL Bank, which currently issues credit cards on the Mastercard network only, said it has entered into an agreement with Visa Worldwide on Wednesday to issue credit cards enabled on the Visa payment network.

Source: Mint July 21, 2021 16:30 UTC