RBI lifts curbs on Mastercard over issuing new cards

BENGALURU, June 16 (Reuters) – The Reserve Bank of India on Thursday lifted restrictions imposed last year on Mastercard over issuing debit and credit cards to new domestic customers.

The decision follows satisfactory compliance on rules regarding storage of payment system data, the central bank said.

The RBI, which imposed the curbs in July 2021, said Mastercard had not complied with data storage rules that required foreign card networks to store domestic payments data only in India for the regulator to have “unfettered supervisory access”.

The decision did not impact existing customers of the U.S. company.

Mastercard did not immediately respond to Reuters’ request seeking comment on the lifting of the curbs.

The global payments processor sees India as a key growth market and has invested $2 billion in the country since 2014 to build technology centres and support innovation in digital payments.

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