RBI restricts Mastercard from onboarding new customers in India

NEW DELHI: The Reserve Bank of India (RBI) on Wednesday restricted Mastercard from adding new customers to its network for not adhering to its norms on storage of payment system data.

As per directions, Mastercard cannot issue new debit, credit or prepaid cards to domestic customers 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.