- Issuance of these credit cards
- Also applicable to debit cards
- RBI directives
The sanctions imposed by the RBI came into effect from July 22, i.e. from today. This means that from today, MasterCard will not issue new debit cards and credit cards. The main reason for this is that the MasterCard violates the rules framed by the RBI regarding payment systems data storage.
The Reserve Bank of India (RBI) has said that MasterCard did not comply with the company’s payment system data storage instructions, despite giving the company enough time and opportunities. That is why the company has imposed restrictions on its operations. It should be noted that the RBI decision will not affect the current MasterCard customers.
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