RBI Allows MasterCard To Add New Customers To It’s Network
Mumbai, 15th June 2022: The Reserve Bank of India (RBI) has allowed Mastercard to add new customers to its network. Along with this, the restrictions imposed last year have also been removed.
The RBI had barred Mastercard from adding new domestic customers to its network for non-compliance with local data storage guidelines. This order of RBI was effective from July 2021. The central bank then said that MasterCard has not complied with the instructions on storage of payment system data, despite being given sufficient time and ample opportunity.
All the debit and credit cards issued by banks in India also have MasterCard. Cards from the MasterCard network are used for financial purposes ranging from shopping to withdrawing cash from ATMs or making online payments.
However, prior to Mastercard, the RBI had barred American Express and Diners Club International from adding new domestic customers in April 2021.
