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The supervisory motion won’t impression present clients of Mastercard, the Reserve Bank of India (RBI) mentioned.
- PTI Mumbai
- Last Updated:July 14, 2021, 18:47 IST
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The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit score, debit and pay as you go card clients with impact from July 22 because it did not adjust to information storage norms. The supervisory motion won’t impression present clients of Mastercard, the Reserve Bank of India (RBI) mentioned.
Taking motion in opposition to Mastercard, RBI mentioned, “notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data”. According to RBI, the instructions won’t impression present clients of Mastercard. “Mastercard shall advise all card issuing banks and non-banks to conform to these directions”.
In phrases of its round on Storage of Payment System Data on April 6, 2018, all system suppliers had been directed to make sure that inside a interval of six months the complete information referring to cost methods is saved solely in India, as per the central financial institution. Mastercards turns into the third main Payment System Operator on which restrictions have been imposed for non-compliance with RBI’s route on Storage of Payment System Data.
Earlier, RBI had restricted American Express Banking Corp and Diners Club International Ltd from onboarding new home clients on to their card networks from May 1 for violating information storage norms. In April 6, 2018, the RBI had directed all Payment System Providers to make sure that inside a interval of six months the complete information (full end-to-end transaction particulars / data collected / carried / processed as a part of the message / cost instruction) referring to cost methods operated by them is saved in a system solely in India.
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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