RBI lifts restrictions on Mastercard from onboarding new customers
The RBI on Thursday lifted restrictions on Mastercard Asia/Pacific that it had imposed last year for its failure to comply with local data storage norms.
The RBI had restricted the US-based payment gateway from onboarding new domestic customers until it complies with Storage of Payment System Data norms.
“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd…on Storage of Payment System Data, the restrictions imposed…on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement.
The RBI had barred Mastercard Asia/Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.
Mastercard was the third to be barred from onboarding new customers after similar restrictions were imposed on American Express and Diners Club International.
(With inputs from Agencies)