Comments
Mastercard said it is disappointed by the action by the Reserve Bank of India but said it will continue to work with them to provide any additional details required to resolve their concerns.
“Mastercard is fully committed to our legal and regulatory obligations in the markets we operate in. Since the issuance of the RBI directive requiring on-soil storage of domestic payment transaction data in 2018, we have provided consistent updates and reports regarding our activities and compliance with the required stipulations,” it said in a statement.
Related Stories
Data storage issue: RBI stops MasterCard from adding new customers
The central bank had made it mandatory for banks to store all the data relating to payment systems in IndiaIt also re-iterated its commitment to working with customers and partners in advancing on the government’s Digital India vision.
The RBI on July 14 took supervisory action against Mastercard and barred it from acquiring new customers (debit, credit or prepaid) from July 22 for not complying with data localisation requirements.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.