The Reserve Bank of India (RBI) has taken a big decision on Wednesday regarding the issuance of new debit cards, credit cards and prepaid cards towards banks. In fact, the RBI has taken strict steps on Wednesday, taking action against Mastercard Asia / Pacific Pte Ltd (Mastercard). The central bank has banned Mastercard from adding new domestic customers to its card network with effect from July 22, 2021.
RBI has taken this action on non-compliance with the rules of local storage of payment system data. The bank said that despite giving enough time and ample opportunity, MasterCard has not fully complied with the guidelines issued on local storage of payment system data.
However, RBI has said that this order will not have any effect on the existing card customers.