Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic

    January 23, 2023

    360 ONE acquires Mumbai Angels; announces two new funds with them

    January 23, 2023

    Kotak General Insurance partners with Clootrack to enhance customer centricity

    January 23, 2023
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » RBI lifts curbs on Mastercard, allows on-boarding of new customers
    Banking

    RBI lifts curbs on Mastercard, allows on-boarding of new customers

    On July 14, 2021, RBI had imposed restrictions on Mastercard to onboard new customer over lapses found in compliance with RBI's 2018 circular on Storage of Payment System Data. 
    June 17, 20221 Min ReadBy Bfsinxt Desk
    Twitter LinkedIn WhatsApp

    The Reserve Bank of India (RBI) on June 16 lifted the restrictions on Mastercard to on-board new domestic customers with immediate effect.

    On July 14, 2021, RBI had imposed restrictions on Mastercard to onboard new customer over lapses found in compliance with RBI’s  2018 circular on Storage of Payment System Data.

    In that circular the central had noted and observed that all not all system providers were storing payments data in India. It had mandated, all system providers shall ensure that the entire data relating to payment systems operated by payment system providers are stored in a system only in India.

    Further, this data should include the full end-to-end transaction details, information collected, carried, processed as part of the message and payment instruction. Even for the foreign leg of the transaction, if any, the data can also be stored in the foreign country, if required.

    System providers had to ensure compliance on the said requirements latest by October 15, 2018. American Express, Diners and Mastercard were found not in compliance with the above norms.

    Subsequently, the central bank had imposed curbs on all three networks, the central bank is yet to lift the restrictions imposed on American Express.

    Mastercard RBI
    Previous ArticleKotak General Insurance Partners with PhonePe to offer Motor Insurance
    Next Article Being scalable, robust & people centric helps in building successful AI implementation: Varun Bhalla
    Bfsinxt Desk

    Related Posts

    AU Small Finance Bank introduces menstrual leaves for women employees

    January 18, 2023

    ICICI Bank launches digital solutions for exporters

    January 7, 2023

    SIDBI partners with M1xchange as financier to provide more liquidity to MSMEs

    December 19, 2022

    AU Small Finance Bank and HDFC Life announce Bancassurance tie-up

    December 19, 2022

    Leave A Reply Cancel Reply

    Recent Posts

    • PhonePe raises growth funds at a $12 billion valuation, led by General Atlantic
    • 360 ONE acquires Mumbai Angels; announces two new funds with them
    • Kotak General Insurance partners with Clootrack to enhance customer centricity
    • Upstox partners with ‘Trading View’ to empower traders with simplicity
    • AU Small Finance Bank introduces menstrual leaves for women employees

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    PLANET App by L&T Financial Services Crosses 1.5 Million Downloads

    January 7, 2023

    SIDBI enters Co-lending Space for Unsecured Loans to MSMEs, partners with Ambit Finvest

    December 31, 2022

    Piramal Finance launches ‘Innovation Lab’ in Bengaluru

    December 19, 2022

    Shriram Transport Finance and Shriram City Union Finance are now Shriram Finance, India’s largest retail finance NBFC

    December 5, 2022
    New Policy
    Policy

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 20220By Bfsinxt Desk

    The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022

    RBI launches दक्ष (DAKSH) – Reserve Bank’s Advanced Supervisory Monitoring System

    October 8, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2023 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.