Mastercard India news: RBI restricts Mastercard from onboarding new customers in India | India Business News – Times of India
[ad_1]
NEW DELHI: The Reserve Bank of India (RBI) on Wednesday imposed restrictions on Mastercard for not adhering to its norms on storage of payment system data.
As per directions, Mastercard cannot add new customers on its network from July 22.
Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
“Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to
be non-compliant with the directions on storage of payment system data,” the RBI said in an official statement.
However, the order will not impact existing customers of Mastercard.
The central bank has asked the company to advise all card issuing banks and non-banks to confirm to these directions.
Under the PSS Act, RBI had directed all system operators in India to ensure that entire data relating to payment systems operated by them is stored in India. The platforms were given six months to adhere to these norms.
As per directions, Mastercard cannot add new customers on its network from July 22.
Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
“Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to
be non-compliant with the directions on storage of payment system data,” the RBI said in an official statement.
However, the order will not impact existing customers of Mastercard.
The central bank has asked the company to advise all card issuing banks and non-banks to confirm to these directions.
Under the PSS Act, RBI had directed all system operators in India to ensure that entire data relating to payment systems operated by them is stored in India. The platforms were given six months to adhere to these norms.
[ad_2]
Source link
