• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

India’s Apex Bank Lifts Ban On Mastercard

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
June 16, 2022
in Uncategorised
Share on FacebookShare on Twitter

On Thursday, India’s central bank announced that it has lifted all restrictions on financial company Mastercard, adding that the company had shown satisfactory compliance with the South Asian market’s local data storage rules.

The new development is a win for Mastercard. Last year, India’s central bank – the Reserve Bank of India blocked Mastercard, as well as American Express and Diners Club from issuing new debit, credit, or prepaid cards to customers. The central bank said the aforementioned companies failed to comply with local data storage rules.

Mastercard can continue with issuing new debit, credit, or prepaid cards to customers thanks to the latest development.  “In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) circular dated April 6, 2018, on Storage of Payment System Data, the restrictions imposed, vide order dated July 14, 2021, on on-boarding of new domestic customers have been lifted with immediate effect,” the RBI said in a statement on Thursday.

The restrictions on American Express and Diners Club, however, remain in place in India. These companies notwithstanding have the permission to continue to serve their existing customers in the country.

The local data-storage rules were unleashed back in 2018. They require payment companies such as Mastercard to store all Indian transaction data within servers in the country. As expected, payment companies such as Mastercard and Visa, and even the US Government argued that the rules should be reconsidered as they were designed to allow the Indian regulator to have unhindered supervisory access.

Mastercard held about 33 percent of the market share in India before the ban. Mastercard knows the value India has as the world’s second-largest market and recognizes the country as a region for key growth. The company has invested more than $2 billion in India to date.

Mastercard’s resumption isn’t just a win for the company. The new development will help boost the operations of local banks and fintech companies that have only been able to provide cards powered by Visa and India’s Rupay.

Related Posts:

  • 1674752425922
    Nigeria's Apex Bank Launches Domestic Card Scheme - AfriGO
  • adobestock_502295882_editorial_use_only_web
    Mastercard Announce The Global Card Recycling Program
  • java
    India's Apex Bank Wants To Ban Cryptocurrency Again
  • 1669722054-Untitleddesign3
    India To Undertake The First Pilot For Retail…
  • facebook-workplace
    Taiwan's Central Bank Is Working On A Government-run…
  • Australia's Central Bank Launches Central Bank Digital Currency Project
    Australia's Central Bank Launches Central Bank…
  • carbon
    Carbon and Verve Partner to Issue Debit Cards
  • The Dutch Central Bank (DNB) Fines Crypto Exchange Binance 3.3 Million Euros For Offering Services Without Being Registered
    The Dutch Central Bank (DNB) Fines Crypto Exchange…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025
    • Huawei Officially Launches HarmonyOS for PC May 10, 2025
    • Canada Nears Launch of Instant Payment Technology May 10, 2025
    • Threads Adds Dashboard for Post & Account Limits May 10, 2025
    • Many X Users are Experiencing Timeline Update Issues May 10, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    Huawei Officially Launches HarmonyOS for PC

    Huawei Officially Launches HarmonyOS for PC

    May 10, 2025
    Canada Nears Launch of Instant Payment Technology

    Canada Nears Launch of Instant Payment Technology

    May 10, 2025
    Advertisement Coming to Threads from Next Year

    Threads Adds Dashboard for Post & Account Limits

    May 10, 2025
    Many X Users are Experiencing Timeline Update Issues

    Many X Users are Experiencing Timeline Update Issues

    May 10, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok