RBI lifts business restrictions imposed on Mastercard

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Mumbai : The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing satisfactory compliance demonstrated by the company.

“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect” RBI said.

RBI had, by order dated July 14, 2021, imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.

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