The Reserve Bank of India (RBI) has banned US financial services company Mastercard Inc from issuing new credit and debit cards to Indian customers for violation of data storage rules.
The RBI said Mastercard had violated the country’s data storage law, which bans foreign card networks from keeping Indian payments data outside India.“Notwithstanding the lapse of considerable time and adequate opportunities being given, [Mastercard] has been found to be non-compliant with the directions,” the regulator said in a statement on Wednesday.
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