RBI INTERRUPTION bans Mastercard from accepting new customers from July 22

On July 22, a prohibition on the issuance of new MasterCard cards went into effect.

On July 22, a prohibition on the issuance of new MasterCard cards went into effect.

Mastercard Asia / Pacific Pte Ltd (Mastercard) was barred from adding new domestic debit, credit, or prepaid consumers to its network cards by the Reserve Bank of India (RBI) on Wednesday. On July 22, a prohibition on the issuance of new MasterCard cards went into effect.

Lawsuit against payment system operators who violated RBI standards for storing data in payment systems.

"Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data," the central bank mentioned in a statement.

This order will not affect existing MasterCard customers. In a statement, Mastercard recommends that all issuing banks and non-banks follow these guidelines.

Supervisory measures are taken in the exercise of the powers granted to RBI under Section 17 of the Payment and Settlement Systems Act (PSS) 2007 issued by RBI. Mastercard is a payment system provider authorized under the PSS Act to manage card networks in their country.

The move comes less than three months after the RBI prohibited American Express and Diners Club International, both owned by Discover Financial Services, from providing new cards to those who had committed similar offences.

 

Central bank policies in 2018 sparked aggressive lobbying from US companies who said the rule would increase infrastructure spending and affect global fraud detection platforms, but RBI did not give up.

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