Restrictions On Mastercard Lifted By RBI

RBI has lifted restrictions imposed on Mastercard with immediate effect

BENGALURU:

The Reserve Bank of India (RBI) said on Thursday that it had lifted business restrictions imposed on Mastercard Inc with immediate effect.

The central bank had imposed restrictions on Mastercard in July 2021 for failing to comply with norms related to storage of payment data.

“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd… the restrictions imposed on on-boarding of new domestic customers have been lifted with immediate effect,” RBI said on Thursday.

Restrictions were imposed on Mastercard by RBI in July last year, from on-boarding new domestic customers (debit, credit or prepaid) onto its card network for non-compliance with the RBI circular on storage of payment system data.



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