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.