RBI bars Mastercard from issuing new cards over failure to comply with data storage directives

Mastercard has been prohibited from issuing any new cards to customers in India over its failure to comply with the RBI's direction on Storage of Payment System Data.

The Reserve Bank of India (RBI) on Wednesday prohibited Mastercard Asia from on-boarding any new domestic customers onto its card network. This would mean that Mastercard will not be able to issue any new cards to customers in India. In a statement, the central bank clarified that the action was a result of Mastercard's failure to comply with RBI's direction on Storage of Payment System Data.