More

    No New Cards from MasterCard from July 22 – RBI

    Mastercard in India has a setback, the Reserve Bank of India got tough with the card player and on Wednesday barred MastercardIndia from onboarding any new domestic customer from July 22.

    The directive bans the US-based card issuing network from onboarding new subscribers either prepaid, credit or debit cards to new customers under its network in India. The RBI said the order would not impact existing customers of Mastercard.

    The MasterCard Issuance ban wont affect existing customers

    Mastercard is the second-largest credit card issuer (after Visa) in India and the central bank’s tough stance could have implications on foreign relations. The RBI has been pushing all regulated entities to store data relating to Indian customers on Indian soil since April 2018.

    Share

    Latest Updates

    Related Articles

    Anthony Albanese Takes Over as Australia’s New PM, Promises a “journey of change”

    Anthony Albanese, the leader of Australia's Labor Party, was sworn in as the country's...

    French Open: Alcaraz Smashes Out Lorendo to Enter Round Two

    Carlos Alcaraz, a 16-year-old wonder, defeated Argentine lucky loser Juan Ignacio Londero 6-4, 6-2,...

    IPL Record Batsman Shikhar Dhawan bowled out from Team India

    Shikhar Dhawan lost his place in Team India, despite not being selected for the...

    Ankiti Bose Sacked by Zilingo on Charges of Financial Wrong Doing

    Ankiti Bose, Zilingo's co-founder and CEO, has been sacked after the company's board suspended...