InvestorQ : Why did RBI ban Mastercard from issuing fresh cards in India?
Sam Eswaran made post

Why did RBI ban Mastercard from issuing fresh cards in India?

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Moii Chavate answered.
4 months ago
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On Wednesday, the RBI announced that it had barred Mastercard from onboarding new domestic customers in India effective from July 22. This order was passed following non-compliance with guidelines issued by the RBI on local data storage. Mastercard and Visa are two of the largest international card franchises into which most of the global banks log into. In India, the local franchise of Ru Pay is also a key player in this business.

The ban on Mastercard came in the light of the fact that Mastercard had not localized its storage of Indian customer data which was required as per RBI guidelines. The contention of RBI was that despite being given enough time, Mastercard had failed to localize its storage of date pertaining to Indian customers. RBI had earlier barred AMEX and Diners Club from adding new customers for the same reason.

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