Fresh card issuance by five private banks to be impacted due to ban on Mastercard by RBI: Report
The Hindu
However, the RBI’s directions will not impact existing customers of Mastercard.
As many as five private sector banks, including Axis Bank, Yes Bank, and IndusInd Bank, are to be impacted by the Reserve Bank of India’s decision to ban Mastercard from issuing new cards for not complying with local data storage guidelines, according to a report. HDFC Bank would also have been affected by this decision but the lender is already facing restrictions by the RBI on issuance of new cards (debit, credit or prepaid). Besides these five banks, Bajaj Finserve and SBI Card may face problems as they were also issuing cards of this payment gateway.More Related News