The Reserve Bank of India (RBI) on Thursday reversed the business limitations imposed on Mastercard Asia/Pacific Pte Ltd “with immediate effect,” nearly a year after preventing the global card operator from onboarding new domestic users on its network “It’s true.
Due to Mastercard Asia/Pacific Pte Ltd’s satisfactory compliance with the Reserve Bank of India (RBI) circular dated April 6, 2018, on the storage of payment system data, the limits imposed by order dated July 14, 2021, have been withdrawn with immediate effect, “In a statement, the RBI said.
Over noncompliance with local data storage requirements, Mastercard was previously prevented from onboarding new domestic users on its network by the RBI.
The decision by the Reserve Bank of India (RBI) makes Mastercard the third company to be restricted from acquiring new domestic clients, following American Express and Diners Club International.
The entity (Mastercard) has been found to be non-compliant with the directions on storage of payment system data, notwithstanding the lapse of considerable time and adequate opportunities given, the central bank’s earlier statement read.