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.
