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The Reserve Bank of India (RBI) has lifted the restrictions previously imposed on Mastercard Asia/Pacific Pte. Ltd. regarding the on-boarding of new domestic customers. This decision comes in view of the satisfactory compliance demonstrated by Mastercard with the RBI circular dated April 6, 2018 on the Storage of Payment System Data. The restrictions, originally imposed by RBI on July 14, 2021, are now lifted with immediate effect.
RBI had earlier restricted Mastercard from on-boarding new domestic debit, credit, or prepaid card customers from July 22, 2021, due to non-compliance with the data storage requirements. The central bank’s decision to lift the restrictions reflects Mastercard’s adherence to regulatory standards.
[RBI]