- The Reserve Bank of India (RBI) has barred global card player Mastercard Inc MA from onboarding new domestic customers on its network from July 22, Business Standard reports.
- The central bank's directive follows non-compliance with guidelines on local data storage, despite ample time and adequate opportunities given to it.
- The rules also encompass banks that work with Mastercard for debit, credit, or prepaid cards.
- The RBI had directed all the payment system providers to store the entire data relating to payment systems in a system in India. They were required to report compliance to RBI and submit a board-approved system audit report.
- Price action: MA shares traded higher by 1.35% at $388.89 on the last check Wednesday.
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