Reserve Bank of India lifts ban on Mastercard onboarding new customers
The Reserve Bank of India (RBI) has lifted the business restrictions it imposed on Mastercard APAC, allowing it to resume card issuance in the country.
RBI lifts Mastercard ban
RBI had imposed restrictions on Mastercard in July 2021, preventing it from onboarding new domestic customers (credit, debit or prepaid) onto its card network, for not complying with its 2018 circular on storing payment systems data in India.
“In view of the satisfactory compliance demonstrated by Mastercard,” RBI says, “the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect.”
Mastercard welcomed the decision and reaffirmed its commitment to “support the digital needs of India, its people and its businesses”.
“We are glad we have met this milestone and will continue to ensure ongoing delivery against the goals and regulatory requirements that have been established,” Mastercard says in a statement.
“India is an important market for us, both in terms of the innovation created here and the value we deliver to our customers and partners.
“We take great pride in being able to contribute to the government’s vision of a Digital India and will continue to invest in the country’s future with the same passion and dedication as we always have,” it adds.
