Case Brief
The Reserve Bank of India imposed supervisory restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) for non-compliance with the RBI's directions on Storage of Payment System Data. RBI said Mastercard had been given sufficient time and opportunities but remained non-compliant. The order bars Mastercard from onboarding new domestic customers — debit, credit, or prepaid — onto its card network starting July 22, 2021. Existing customers are not affected. The action was taken under Section 17 of the Payment and Settlement Systems Act, 2007. RBI's background note states that system providers were required to store end-to-end payment data in India and to submit compliance reporting and a board-approved audit report.
Action Snapshot
- Primary Impact
- Business restriction
- Entity Type
- Payment entity
- Action Type