RBI imposed restrictions on Mastercard

[Abhinav]

Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data, the RBI said.

As part of the action, the RBI has imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. from onboarding new domestic customers (debit, credit or prepaid) into its card network from July 22, 2021, the central bank said. “This order will not impact existing customers of Mastercard. Mastercard shall advise all card-issuing banks and non-banks to conform to these directions,” the RBI said.

https://twitter.com/x/status/1415286498010624001

Source

RBI bars Mastercard from onboarding new domestic customers from July 22

Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data, the RBI said.

www.moneycontrol.com

 

[Bapun]

Is this a step to clear the ways to enforce RUPAY card to everyone?

 

[Msingh]

Is this a step to clear the ways to enforce RUPAY card to everyone?

In terms of the RBI circular on Storage of Payment System Data dated April 6, 2018, all system providers were directed to ensure that within a period of six months the entire data relating to payment systems operated by them is stored in a system only in India.

If the above one is the case then we should not think otherwise

 

[Abhinav]

Is this a step to clear the ways to enforce RUPAY card to everyone?

Few months back same action was taken against American Express, Diners Club. According to this article at that time both Visa and MasterCard were compliant with rules.

American Express, Diners Club can’t add customers - Times of India

India Business News: The Reserve Bank of India (RBI) on Friday barred American Express Banking Corporation and Diners Club International from issuing new cards. The direct

timesofindia.indiatimes.com

 

[Endgame]

Wait for Patanjali cards, 100% Swadeshi

 

[Kmr]

Is this a step to clear the ways to enforce RUPAY card to everyone?

As my experience using Rupay card too bad and frustrated
at starting when rupay was launched I was also excited
When I get the card and try use for multiple transactions then whole excitements ...
Then I requested my bank issue me other varient card bank issued me a MasterCard after getting this my all transactions done smoothly with Domestic as well International now I also use Visa with different bank.....

 

[Kmr]

As for me MasterCard needs to be operated fully functionally

 

[Abhinav]

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters.

The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July.

US trade official called India's Mastercard ban 'draconian'

RBI ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between US officials in Washington and India as they discussed next steps with Mastercard, including approaching the India's central bank, the government emails show.

m.economictimes.com

 

[hike]

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters.

Off-topic : US should be "draconian" towards Taliban too.

 

[Kmr]

A senior US trade official privately criticised India's July decision to ban Mastercard Inc from issuing new cards, calling it a "draconian" move that caused "panic", according to US government emails seen by Reuters.

The documents show frustration within the US government after India's central bank banned new card issuance by American Express and Diners Club International in April, then took similar action against Mastercard in July.

US trade official called India's Mastercard ban 'draconian'

RBI ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between US officials in Washington and India as they discussed next steps with Mastercard, including approaching the India's central bank, the government emails show.

m.economictimes.com

US Trade Official Calls India's Mastercard Ban As 'Draconian', Show Emails