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India's Reserve Bank bans Mastercard from issuing new cards in India

The Reserve Bank of India on Wednesday indefinitely barred Mastercard Inc from issuing new debit, credit or prepaid cards to domestic customers for violating data storage rules.

India's Reserve Bank bans Mastercard from issuing new cards in India

FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White

MUMBAI: The Reserve Bank of India on Wednesday indefinitely barred Mastercard Inc from issuing new debit, credit or prepaid cards to domestic customers for violating data storage rules.

"Notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data," said the Indian central bank in a statement.

The move comes less than three months after the central bank barred American Express and Diners Club International, owned by Discover Financial Services, from issuing new cards due to similar violations.

The ban on Mastercard issuing new cards takes effect on July 22.

(Reporting by Euan Rocha)

Source: Reuters

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