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The Reserve Bank of India has taken a crucial decision. RBI announces lifting of restrictions on MasterCard According to the RBI, the ban was imposed on MasterCard last year due to non-compliance with payments data storage regulations. Issuance of new cards is likely to start soon with the lifting of RBI restrictions.
On April 6, 2018, the Reserve Bank of India issued an order to protect the data related to payments. However the MasterCard company failed to secure the payments data. The RBI has taken action under the Payments and Settlement Systems Act 2007. On July 14 last year, the RBI banned MasterCard from issuing new cards.
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