Reserve Bank of India lifts restrictions imposed on Mastercard

Reserve Bank of India lifts the business restrictions imposed on Mastercard Asia / Pacific Pte. Ltd


Jun 16, 2022 05:00 pm

By Hiral Shah



Reserve Bank of India (RBI) today lifted the restrictions imposed on Mastercard Asia / Pacific Pte. Ltd, vide order dated July 14, 2021. This was pursuant to satisfactory compliance demonstrated by Mastercard as per RBI.


The restrictions imposed earlier had halted Mastercard Asia / Pacific Pte. Ltd. from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021 for non-compliance with the RBI circular dated April 6, 2018 on Storage of Payment System Data.


Lifting this restrictions means that Mastercard can restart onboarding new customers for both their debit and credit card business.