RBI restricts Mastercard from issuing new debit, credit cards in India from 22 July1 min read 14 Jul 2021, 06:01 PM IST
The RBI order will not impact existing customers of Mastercard
The action has been against the payment system operator for violating RBI's norms on the storage of payment systems data
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.