Industry

RBI lifts business curbs on Mastercard

A Mastercard logo is seen on a credit card

A Mastercard logo is seen on a credit card | Photo Credit: THOMAS WHITE

The Reserve Bank of India (RBI) on Thursday said it had lifted business restrictions imposed on Mastercard Asia/Pacific Pte. Ltd following satisfactory compliance with guidelines.

“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said.

RBI had imposed restrictions on Mastercard Asia / Pacific from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021 for non-compliance with the guidelines.


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Printable version | Aug 11, 2022 1:05:14 am | https://www.thehindu.com/business/Industry/rbi-lifts-business-curbs-on-mastercard/article65533430.ece