Winning Bizness Desk
Mumbai. The Reserve Bank of India (RBI) has given a big relief to America's payment technology company Mastercard after almost a year. Actually, the central bank has removed all the restrictions imposed on Mastercard. Apart from this, RBI has allowed Mastercard to add new customers to its network. The central bank has said that in view of the satisfactory compliance of the storage of payment system data by Mastercard Asia/Pacific Private Limited, it has been decided to withdraw the restriction imposed on Mastercard on 14 July 2021 for adding new customers.
There was a ban on issuing new cards from July 22, 2021
On July 14, the RBI had indefinitely banned MasterCard from issuing new credit, debit and prepaid cards for non-compliance with local data storage norms. The central bank had banned MasterCard from adding new domestic customers to its card network with effect from July 22, 2021. Explain that under the rules of data localization, the company needs to keep the data of Indian customers in the country itself.