"The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte 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. It, however, added that the order will not impact the existing customers of Mastercard. Mastercard will have to advise all card issuing banks and non-banks to conform to these directions. Mastercard is a payment system operator authorised to operate a card network in the country under the PSS Act. Earlier, RBI had restricted American Express Banking Corp and Diners Club International Ltd from onboarding new domestic customers on to their card networks from May 1 for violating data storage norms.

Source: dna July 14, 2021 14:15 UTC