RBI allows Mastercard to onboard new customers after data storage compliance

The RBI on Thursday lifted the restrictions imposed last year on Mastercard and allowed the global payment processor to onboard new customers for debit, credit or prepaid cards in India, after satisfactory compliance with data storage norms.

In July last year, the Reserve Bank had taken a major supervisory action on the US-based entity and barred it from issuing new credit, debit and prepaid cards for its failure to comply with data storage guidelines.

“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India …on Storage of Payment System Data, the restrictions imposed…on on-boarding of new domestic customers have been lifted with immediate effect,” the central bank said in a statement.