Mastercard news in hindi | RBI stopped Mastercard from adding new domestic customers
MasterCard (Photo – istock)
- MasterCard did not comply with payment system data storage instructions.
- RBI gave many opportunities to Mastercard.
- This order of RBI will not affect the existing customers of Mastercard.
New Delhi: Mastercard has been barred by the Reserve Bank of India from adding new customers in India with effect from July 22 for non-compliance with local data storage norms. RBI said that despite considerable time lapse and adequate opportunity given, the entity has been found not to comply with the instructions for storage of payment system data.
This order will have no impact on existing MasterCard customers. Mastercard will advise all card issuing banks and non-banks to follow these instructions, the statement said. RBI said the action has been taken in exercise of the powers vested in RBI under Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).
Mastercard is a payment system operator authorized to operate card networks in the country under the PSS Act. As per RBI’s circular on storage of payment system data dated April 6, 2018, all system providers were directed to ensure that the entire data relating to the payment systems operated by them within a period of six months is stored in India only. is stored in the system.
They were also required to report compliance to RBI and submit a board-approved system audit report conducted by CERT-In empaneled auditors within the time frame specified therein.
In April this year, the RBI had banned American Express Banking Corp and Diners Club International Ltd from adding new domestic customers to their card networks with effect from May 1, 2021, for non-compliance with the instructions to store payment system data. was cited. This order will not have any effect on existing customers.
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