India has lifted restrictions on Mastercard after the payments giant demonstrated “satisfactory compliance” with the South Asian market’s local data storage rules, the central bank said on Thursday.
In a series of moves last year, the Reserve Bank of India indefinitely barred Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers. The ban on American Express and Diners Club remain in place in the country.
“In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018 on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” RBI said on Thursday.
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