Maha Shivratri Offer- Use Code SHIVRATRI24

Register Now

Mastercard Asia Pacific Pte Ltd banned to On-board New Domestic Clients

Published on July 16, 2021
Current Context: The Reserve Bank of India has imposed restrictions on Mastercard Asia Pacific Pte Ltd from onboarding new domestic customers of debit, credit or prepaid onto its card network.
Mastercard Asia Pacific Pte Ltd banned to On-board New Domestic Clients
  • The restrictions are effective from 22nd July 2021.
  • The reason for the restrictions was defined as non-compliance with the storage of data in India.
  • There won’t be any impact of the restrictions on existing customers of Mastercard.
  • RBI has directed Mastercard to advise all card-issuing banks and non-banks to follow the restrictions.
  • The restriction action by the RBI on Mastercard was taken under powers defined in Section 17 of the Payment and Settlement Systems Act, 2007 (PSS Act).
  • In April 2018, RBI had issued a circular directing all system providers to ensure that all information related to payments systems operated by them are stored in India. All the firms were given a period of six months to comply and report compliance to RBI.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das
    • HQ of Mastercard (India): Mumbai
    • HQ of Mastercard (Global): New York, USA

Can I help you?

ramandeep singh

Hey I am Ramandeep Singh. I am determined to help students preparing for RBI, SEBI, NABARD and IBPS exams. Do you want me to help you ?

Join my class here
    Follow me:
Close Menu
Close Menu