India stops Mastercard from issuing new cards

Picture Courtesy: Getty Images
Picture Courtesy: Getty Images

Mastercard has been stopped from issuing new debit or credit cards to domestic consumers indefinitely by India's central bank.

The Reserve Bank of India has charged the firm with breaking data storage regulations.

According to the RBI, Mastercard did not follow guidelines mandating foreign card networks to store data on Indian payments solely in India.

The worldwide payments service provider has not yet responded.

From July 22, Mastercard will no longer be able to issue debit, credit, or prepaid cards to clients in India.

Existing Mastercard customers will be unaffected by the Reserve Bank's decision.

Publish : 2021-07-15 09:43:00

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