RBI Bans Mastercard From Adding New Users, Issuing Debit Cards

RBI has banned Mastercard from issuing new debit, credit, or prepaid cards in India owing to the noncompliance with local data storage rules. “Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity is noncompliant with the directions on Storage of Payment System Data,” RBI stated on July 14. However, this development will not affect the existing users once it comes into effect from July 22.