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RBI bars Mastercard from issuing any new cards

The Reserve Bank of India has barred Mastercard from issuing any new debit or credit cards to domestic customers in India. The ban is for violating data storage rules. RBI said in a notification that Mastercard had not complied with data storage rules from 2018 that require foreign card networks to store Indian payments data only in India so the regulator can have unfettered supervisory access. Mastercard said it was disappointed with the RBI’s decision and that it had provided regular updates on its compliance with the rules since 2018. Earlier the central bank had barred American Express and Diners Club International, owned by Discover Financial Services, from issuing new cards due to similar violations. The decision will not impact existing customers of Mastercard, and the company should advise all card issuing banks in India to comply with the order, the RBI added.

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