The Reserve Bank of India has removed the restrictions placed on Mastercard over the issuance of credit and debit cards to new domestic customers.
According to a Reuters report, India”™s central bank enacted the curbs in July 2021, claiming the Purchase-headquartered company failed to meet the nation”™s data storage rules requiring foreign card networks to store domestic payments data only in India, with the goal of enabling the nation”™s financial regulator to have “unfettered supervisory access.” In lifting the curb, the central bank determined Mastercard is now in compliance on payment system data storage rules.
“We are glad we have met this milestone and will continue to ensure ongoing delivery against the goals and regulatory requirements that have been established,” said Mastercard in a statement.
