The Reserve Bank of India (RBI) has lifted its previously imposed restrictions on Mastercard Asia / Pacific, allowing the payment giant to add new customers in the country, the PTI has reported.
The Indian apex bank blocked Mastercard from onboarding new customers in July last for non-compliance with its norms relating to the storage of payment system data.
The payment firm was found to be violating RBI’s April 2018 circular that required all payments data to be stored exclusively in India, allowing the regulator “unfettered supervisory access” to transaction details.
Lifting the ban, RBI said in a statement: “In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the 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.”
Mastercard is authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007.
Mastercard said that it welcomes RBI’s decision to allow it to resume onboarding of new domestic customers onto its card network in the country.
The firm said in a statement: “As we have in our engagement with the RBI, we reaffirm our commitment to support the digital needs of India, its people and its businesses, commitment to support the digital needs of India.
“We are glad we have met this milestone and will continue to ensure ongoing delivery against the goals and regulatory requirements that have been established. India is an important market for us, both in terms of the innovation created here and the value we deliver to our customers and partners.”