The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard Asia / Pacific Pte Ltd (Mastercard) from onboarding new domestic debit, credit or prepaid customers on its card network. The ban on Mastercard issuing new cards takes effect on 22 July. The action has been against the payment system operator for violating RBI's norms on the storage of payment systems data. The supervisory action has been taken in the exercise of powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act), the RBI said. Mastercard is a Payment System Operator authorised to operate a Card Network in the country under the PSS Act.

Source: Mint July 14, 2021 12:33 UTC