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RBI lifts business restrictions imposed on Mastercard
June 17, 2022
The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing improvement in compliance.
“In view of the satisfactory compliance demonstrated by Mastercard Asia /Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said.
The RBI had, on July 14, 2021, imposed restrictions on Mastercard Asia/Pacific Pte. Ltd. from onboarding new domestic customers (debit, credit, or prepaid) onto its card network from July 22, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.
In July last year, while imposing restrictions on Mastercard, the RBI had cited certain rule violations.
The RBI said Mastercard cannot onboard new domestic customers onto its card network from July 22, 2021. The restriction is applied to debit, credit, or prepaid customers. Mastercard must advise all card-issuing banks and non-banks to conform to these directions.
The RBI said Mastercard was non-compliant with directions on Storage of Payment System Data.
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