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Restrictions On Mastercard Lifted By RBI


RBI has lifted restrictions imposed on Mastercard with instant impact

BENGALURU:

The Reserve Financial institution of India (RBI) stated on Thursday that it had lifted enterprise restrictions imposed on Mastercard Inc with instant impact.

The central financial institution had imposed restrictions on Mastercard in July 2021 for failing to adjust to norms associated to storage of fee knowledge.

“In view of the passable compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd… the restrictions imposed on on-boarding of latest home prospects have been lifted with instant impact,” RBI stated on Thursday.

Restrictions have been imposed on Mastercard by RBI in July final yr, from on-boarding new home prospects (debit, or pay as you go) onto its card community for non-compliance with the RBI round on storage of fee system knowledge.

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