Why RBI banned MasterCard from issuing new credit & debit cards in India

• The RBI has imposed restrictions on US based Mastercard from onboarding new domestic debit, credit or prepaid customers on its card network. The ban on Mastercard issuing new cards takes effect on 22 July. The action has been against the payment system operator for violating RBI's norms on the storage of payment systems data. In a statement, Mastercard called RBI’s decision disappointing. RBI had previously banned American Express and Diners Club from taking new customers. Watch the full video for more details.