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    HomeBusinessRBI lifts restrictions on Mastercard over onboarding new customers

    RBI lifts restrictions on Mastercard over onboarding new customers

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    The Reserve Bank of India (RBI) has on Thursday lifted restrictions on Mastercard that were imposed in July 2021 for not complying with norms related to storage of payment data.

    The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms.

    “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,” the RBI said in a statement.

    The RBI had barred Mastercard Asia / Pacific Pte from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021.

    Mastercard was the third company to have been barred by RBI from acquiring new customers after American Express Banking Corp and Diners Club International over data storage issue.

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