The Reserve Bank of India has issued big instructions to all banks’ microfinance companies. The RBI has strictly banned the issuance of new MasterCard debit and credit cards.
MUMBAI: The Reserve Bank of India (RBI) has issued a stern warning to all banks’ microfinance companies. The RBI has strictly banned the issuance of new MasterCard debit and credit cards. After this, old MasterCard debit and credit, prepaid cards will not be issued to people by banks. All banks will have to abide by these rules from July 22. (RBI New Rules)
According to the RBI, there have been a number of illegal cases during the Corona period. MasterCard does not comply with data storage regulations. For this, there will be a moratorium on MasterCard. So the current MasterCard holder customer service will continue smoothly.
The RBI has said that action has been taken against MasterCard. Even after giving sufficient time and opportunity to the company, they have failed to properly store the payment system statistics and adhere to the guidelines.
The RBI had issued a circular on April 6, 2018 regarding the maintenance of payment system statistics. Under this, the concerned service provider was instructed to make arrangements to keep all the data related to the payment system of Indians within the country within 6 months only. MasterCard has failed to make this arrangement.
