FINANCE
RBI Lifts the Restrictions Imposed on Master Card
Master Card Restrictions: In July last year, the Reserve Bank of India (RBI) banned the ‘Debit, Credit Card’ service of the ‘Master Card’ company for not maintaining the customer’s transaction details. It also imposed restrictions on the company for failing to comply with regulations related to the storage of payment data.
In this case, the Reserve Bank of India (RBI) has announced that it has removed the business restrictions imposed on the ‘Master Card company with immediate effect.
RBI About Master Card Restrictions
In a notification issued by the Reserve Bank, “The compliance of Mastercard Asia and Pacific Pte Limited (Mastercard Asia / Pacific Pte) institutions has been demonstrated satisfactorily. Therefore, restrictions imposed on the absorption of new domestic customers have been lifted with immediate effect,” RBI said.
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