RBI barred Mastercard, American Express & Diners Club

Reserve Bank of India has barred Mastercard, American Express and Diners Club from taking new customers on board over the issue of storing data in India.

Daily Current Affairs Quiz 2021

The RBI imposed restrictions on Mastercard Asia Pacific Pte Ltd from onboarding new domestic customers (debit, credit or prepaid) in India from July 22, citing non-compliance with guidelines for storage of data in India.

The RBI had given almost three years for Mastercard to comply with the regulatory directions, but it was unable to complete the process.

In April this year, the RBI had imposed restrictions on American Express Banking Corp and Diners Club International Ltd from enrolling new domestic customers onto their card networks from May 1, 2021, also citing non-compliance of storage of data.