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ET Now Bureau
Updated Jul 15, 2021 | 13:14 IST
Disappointed with the stance taken by RBI, says Mastercard
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  • Mastercard said they have provided consistent updates and reports regarding its activities and compliance with the required stipulations.
  • Worth mentioning here is that RBI on Wednesday imposed restrictions on Mastercard from on-boarding new domestic customers.
  • Earlier, RBI had barred American Express and Diners Club International from onboarding any new customers starting May 1.
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"Since the issuance of the RBI directive requiring on-soil storage of domestic payment transaction data in 2018, we have provided consistent updates and reports regarding our activities and compliance with the required stipulations," Mastercard said in a statement on Wednesday.,world-series-cricket-in-australia

leovegas-sports,Worth mentioning here is that RBI on Wednesday imposed restrictions on Mastercard from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. The regulator in its commuication said that Mastercard has been found to be non-compliant with the directions on "Storage of Payment System Data."

gomax-live,It may be noted that RBI in a circular dated April 6, 2018, had directed all system providers to ensure that their entire data including end-to-end transaction details, information collected/carried/processed as part of the message, payment instructions be stored in a system in India.

Replying to RBI's order, Mastercard said that it will continue to work with the regulator to provide any additional details required to resolve their concerns. "Building on our considerable and continued investments in India, we remain committed to working with our customers and partners in advancing on the Government’s Digital India vision," the company said.,online-betting-app-for-ipl

Earlier, RBI had barred American Express and Diners Club International from onboarding any new customers starting May 1 for failing to comply with directives on data storage.
 

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