RBI imposes restrictions on Mastercard from adding new customers from July 22

The Reserve Bank has imposed restrictions on Mastercard Asia/Pacific Private Limited for adding new domestic customers from 22nd July 2021. In a press release issued from Mumbai today, RBI  said that MasterCard will not be allowed to add customers, be it for debit, credit or pre-paid cards onto its network as the entity has failed to comply with the directions on Storage of Payment System Data. Stating that this order will not impact existing Mastercard customers, RBI asked the company to inform...