Central Reserve Bank has taken major action on MasterCard Asia / Pacific Private Limited (MasterCard). With effect from July 22, the company is obliged by the RBI to add new domestic debit, credit or prepaid customers to its card network. This means that from July 22, the company will not be able to add new customers to its card network.
What the RBI said: The Central Reserve Bank said in a statement that “the MasterCard does not follow the instructions for collecting the data, despite the fact that a lot of time and opportunities are available.” The Central Bank said the move was to exercise the powers vested in the RBI under Section 17 of the Payment and Settlement Systems Act 2007 (PSS Act).
However, this order does not affect existing MasterCard customers. MasterCard will advise all card issuing banks and non-bankers to comply with these instructions, the statement said. Let us tell you that MasterCard is an American company. The company’s headquarters are in New York.
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MasterCard is also available on all debit and credit cards issued by banks in India. These network cards are used for shopping, withdrawals from ATMs, online payments and other financial purposes.