RBI lifts restrictions on Mastercard; allows it to integrate new customers in India



NEW DELHI: The Reserve Bank of India (RBI) on Thursday lifted restrictions on Mastercard Asia and allowed it to add new customers to its network.
In an order dated July 14, 2021, the central bank imposed restrictions on Mastercard Asia/Pacific Pte regarding the onboarding of new domestic customers (debit, credit or prepaid) on its card network for non-compliance with RBI standards on storage of payments. system data.
Mastercard is a payment system operator authorized to operate a card network in the country under the Payment and Settlement Systems Act 2007 (PSS Act).
By law, RBI had ordered all system operators in India to ensure that all data relating to the payment systems they operate is stored in India. The platforms have had six months to comply with these standards.
The directive was issued by the Reserve Bank on April 6, 2018. They were also required to report compliance to RBI and submit a system audit report approved by the board and conducted by a CERT-accredited auditor. In within the specified time.


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