RBI lifts restrictions on Mastercard; allows it to onboard new customers in India

NEW DELHI: The Reserve Bank of India (RBI) on Thursday lifted restrictions on Mastercard Asia and allowed it to add new customers to its community.
In an order on July 14, 2021, the central financial institution had imposed restrictions on Mastercard Asia / Pacific Pte from on-boarding new home customers (debit, credit score or pay as you go) onto its card community for non-compliance with RBI’s norms on storage of fee system information.
Mastercard is a fee system operator authorised to function a card community in the nation beneath the Payment and Settlement Systems Act, 2007 (PSS Act).
Under the Act, RBI had directed all system operators in India to be certain that whole information relating to fee techniques operated by them is saved in India. The platforms got six months to adhere to these norms.
The directive was issued by the Reserve Bank on April 6, 2018. They had been additionally required to report compliance to RBI and submit a board-approved System Audit Report performed by a CERT-In empanelled auditor inside specified timelines.

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