RBI restricts Mastercard from acquiring new customers

RBI restricts Mastercard from acquiring new customers 

The restrictions will be in place from 22nd July.
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Mastercard Asia-Pacific can no longer onboard new customers. 

The company failed to comply with data storage norms.

RBI's directives will not affect the existing Mastercard customers.  

Reserve Bank of India has restricted Mastercard Asia-Pacific from acquiring new customers w.e.f. 22nd July. As per information, the company failed to comply with norms pertaining to data storage.  

The company can no longer add domestic customers to its card network…debit, credit or prepaid. The curbs on Mastercard were imposed as the financial services company was found non-compliant with the directions on storage of ‘payment system data’, despite being given considerable time and opportunity.

RBI’s directions will not impact existing customers. Mastercard shall advise all card issuing banks and non-banks to conform to these directions.

Mastercards becomes the third major Payment System Operator on which restrictions have been imposed for non-compliance with RBI''s direction on Storage of Payment System Data. Earlier, RBI had restricted American Express Banking Corp and Diners Club International Ltd from onboarding new domestic customers on to their card networks from May 1 for violating data storage norms.

(source:media reports)

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